Electronics giant Philips posts mixed results in Q3
Dutch electronics giant Philips, which is focusing its business on medical equipment and services, on Monday posted higher third quarter sales but profits dipped due to currency headwinds. Sales rose 4.0 percent to 4.3 billion euros ($4.9 billion) year-on-year and orders for the Amsterdam-based group's medical diagnostic and treatment machines grew 11 percent. "While I am pleased with the continued strong 11 percent order intake growth in the quarter, operational improvements were partly offset by foreign exchange headwinds," Philips chief executive Frans van Houten said. The group, which sold its first light bulb a few years after it was founded in 1891, moved to list its Philips Lighting division, now known as Signify, in mid-2016 which joined the Amsterdam stock exchange, the top-tier AEX, in March this year.