Koninklijke Philips N.V. (PHG) on Wednesday reported improved first-quarter profit despite a decline in sales, mainly driven by lower selling and research expenses as well as higher other business income.
Profit before tax climbed to €190 million, compared with €104 million in the prior-year period
Operating income rose to €241 million from €154 million.
Net income attributable to shareholders increased to €151 million or €0.16 per share from €76 million or €0.08 per share a year ago.
Sales declined 5% to €3.905 billion from €4.097 billion last year.
On a comparable basis, sales grew 4%.
For the full year, Philips confirmed its outlook and continues to expect comparable sales growth of 3% to 4.5%.
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