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Philips Profits Plunge As Sales Fall 19%

Stock quotes in this article: PHG  

Updated from 2:21 a.m. EDT

Philips Electronics(PHG Quote), the biggest consumer electronics maker in Europe, reported second-quarter net income of 44 million euros ($61.4 million), a 94% decline from year-earlier net income of 732 million euros as sales fell 19%.

However, earnings before interest, taxes and amortization of 118 million euros topped the estimates of analysts surveyed by Thomson Reuters. EBITA in the second quarter of 2008 was 396 million euros.

Sales in the quarter fell to 5.2 billion euros, "reflecting continuing weakness in consumer and professional markets," the company said. ...

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