Phillips has 168% higher profit in the third quarter

The Dutch Philips recorded net profit of 282 million euros ($ 385,7 million) in the third quarter ended in September, 168% higher than the 105 million euros from a year earlier. The gain occurred even with slight drop in revenues.
Disclosure
The CEO of Philips, Frans van Houten, underscored the company's efficiency gain. In a statement, the Executive said that operational improvements showed the benefit of the company's restructuring plan. The company has reduced in 183 million euros in the third quarter costs.
Under the command of van Houten, the company has concentrated efforts on fewer businesses and cut costs to boost profitability. More than 80% of sales of Philips Lighting Affairs and come from health care, such as hospital equipment.
From April 2011, after van Houten to take charge, Philips sold its loss-making business in TVs and, earlier this year, transferred his audio and video Division, with weak margins, for the Japanese Funai Electric.
Sales fell 3 percent to 5.62 billion euros, mainly due to the negative impact of the weaker US dollar. And Philips still expects sales growth will be affected by the weak global economy in the coming quarters.
The company's operating margin in the third quarter, however, rose 10 percent, up from 6.3 percent a year earlier.