THE HAGUE: Dutch firm Philips said on Monday its third quarter net profit rose sharply as its health arm got a boost from demand driven by the coronavirus disease 2019 (Covid-19) pandemic. Net profit for the three months to September jumped more than 63 percent from a year earlier to 340 million euros ($400 million) while sales were up 10 percent at five billion euros, said the company which has diversified out of its traditional electrical appliances business into health. “I am pleased that, under challenging circumstances, we have been able to execute our plans and return to growth and improved profitability,” Chief Executive Officer Frans van Houten said in a statement. Van Houten highlighted the progress made by the medical division. Investors welcomed the figures and an accompanying upgrade to its 2021-25 sales forecast, pushing the shares up nearly four percent in early trade on the Amsterdam stock market.

Source: Manila Times October 19, 2020 08:03 UTC