Philips reports third-quarter financial results

Philips – a manufacturer of oral care products – has published its third-quarter financial results for 2009.

The firm revealed that its comparable sales were down by 11 per cent during the timeframe, something it attributes to the performance of its consumer lifestyle and lighting divisions.

However, this figure is an improvement on the 19 per cent decline it witnessed during the second quarter of the year.

Its healthcare operations also underwent double-digit growth in emerging markets as restructuring and acquisition-related charges amounted to £125 million (114 million pounds) during the quarter – reflecting an ongoing reduction of its cost base.

“Our continued ability to increase our cash flow by bringing down working capital allowed us to sustain our investments in growth initiatives while maintaining a strong balance sheet,” commented Gerard Kleisterlee, president and chief executive officer of Royal Philips Electronics.

Earlier this month, Philips launched the the SoniCare FlexCare+ toothbrush