Philips’ profits hit by downturn
The loss includes a write down of 1.3bn euros, relating to its stakes in NXP Semiconductors, LG Display, and its acquisition of Lumileds.
Chief executive Gerard Kleisterlee said the results reflected the unprecedented “speed and ferocity with which the economy softened in 2008″.
Amsterdam-based Philips said it was freezing its share buy-back programme.
The firm recorded total sales of 26.4bn euros for the year.
One of its best performing sectors was healthcare, where sales grew by 9%, and the firm, which is one of the top three global suppliers of hospital equipment, said it had continued to increase market share.
Philips’ results follow a string of bad news from its rivals.
Sony has warned it will post a record $2.9bn annual operating loss, and Samsung Electronics of South Korea has posted its first-ever quarterly loss.
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