Philips posts profit losses

Dutch electronics company Philips http://www.philips.com has announced large first quarter losses in 2005 compared to the same period a year earlier. As the company reports in a press release on its website, its net income fell from 550 million euros to 117 million euros. According to the company, the 433 million euro decrease in profits was due to a 435 million euro lower contribution from unconsolidated companies. Operating profit fell from 218 million euros to 193 million euros and revenue amounted to 6.6 billion euros.