Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Nigeria mosque blast: Scores die in attack during prayers in Kano

Read more

THE WORLD THIS WEEK

Sarko Bites Back: Ex-President Determined to Reclaim UMP Leadership

Read more

THE WORLD THIS WEEK

No Deal: Iran Nuclear Talks End Without Agreement

Read more

FASHION

"Cloakroom Vestiaire Obligatoire" a tender and hypnotic performance by Tilda Swinton and Olivier Saillard.

Read more

FRANCE IN FOCUS

Learning the language of love

Read more

AFRICA NEWS

Burkina Faso: Calls for probe into 1998 murder of journalist

Read more

FOCUS

Is this the end of Hong Kong's 'Umbrella Movement'?

Read more

#THE 51%

France marks 40th anniversary of abortion laws

Read more

#TECH 24

Virtual insanity? Artist to 'experience life' through Oculus Rift headset for 28 days

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

COMMENT(S)