Electronics giant Philips has reported a profitable quarter as the company continues to recover from the global recession.
Philips has today announced that it has made a pre-tax profit of £283 million for the first three months of the year. This compares well with the beginning of 2009, when the company saw heavy losses.
Philips said that their growth in the lighting industry was a key factor in leading their recovery, with an 18 per cent rise in sales.
The company also reported that sales of Television sets are also on the increase compared to the first quarter of last year.
Chief Executive Gerard Kleisterlee said that he was happy with the results but retained a cautious outlook.
"I believe that with the results we have delivered in recent quarters, we have started to demonstrate the real potential of our business portfolio," he stated.
Sales of high-end expensive electronic goods, including flat-screen televisions, suffered the most during the recession as customers cut back on spending on luxury items.
Philips reacted by cutting costs and consequently staff, with global employees cut by over 5,000 in 2009.
Mr Kleisterlee remained guarded about the outlook for the global economy for the rest of the year, cautioning, "Economic uncertainty remains high and consumer confidence low."
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