Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Trash collection goes high tech

Read more

WEB NEWS

Web users react to escalating violence in Gaza

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

  • Germany defeat Argentina 1-0 to win World Cup

    Read more

  • Thousands flee northern Gaza after Israel warning

    Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Paris’s Bastille Day fireworks ‘an homage to victims’ of WWI

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

  • Legendary conductor Lorin Maazel dies aged 84

    Read more

  • Germany’s Tony Martin wins ninth stage of Tour de France

    Read more

  • Boko Haram claims Nigeria attacks and supports Iraqi militants

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Shells land in Russia as eastern Ukrainians flee fighting

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • Iraqi parliament fails to agree on new leadership

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

Business

Philips to slash 6,000 jobs

©

Latest update : 2009-01-26

Dutch electronics giant Philips has announced 6,000 job cuts worldwide after it suffered a net loss of €186 million ($242 million dollars) for 2008, following a fourth-quarter loss of €1.47 billion.

AFP - Dutch consumer electronics giant Philips said Monday it would cut 6,000 jobs worldwide to cope with the global slowdown which pushed its results into the red.
  
The company said it suffered a net loss of 186 million euros (242 million dollars) for 2008 after a fourth quarter loss of 1.47 billion euros, largely due to a revaluation of its Lumileds diode light unit.
  
For 2008, sales were down 1.5 percent at 26.39 billion euros.
  
In 2007, the company had a net profit of 4.16 billion euros.
  
The fourth quarter loss was worst than analyst forecasts for 1.2 billion euros and reflected a 1.3 billion euros revaluation of Lumileds. In the same period a year earlier, the company had a profit of 1.4 billion euros.
  
Fourth quarter sales fell 8.9 percent to 7.62 billion euros.
  
"The fourth quarter results reflect the serious consequences of the global financial and economic crisis and the measures taken by management accordingly," chief executive Gerard Kleisterlee said in a statement.
  
In view of falling demand, management was giving "absolute priority to cashflow, at the expense of profit if necessary, and to speeding up restructuring and adjustment measures," he said.
  
The company hoped for savings of some 400 million euros on an annual basis by the second quarter of this year, he added.
  
A company spokesman said all divisions would be affected by the job cuts but declined to give further details.
  
Philip said it would halt is five billion euros share buy-back programme for this year.
  

Date created : 2009-01-26

Comments

COMMENT(S)