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.

Net profit in the three months to September fell to 292 million euros from 423 million euros a year earlier.

"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.

Philips chief financial officer Abhijit Bhattacharya told a teleconference Philips was particularly hit by falls in the Turkish lira and Argentine peso.

Best known for the manufacture of light bulbs, electrical appliances and television sets, Philips has gradually pulled out of these activities in face of fierce competition from Asia.