Philips' profit down

The company also reported a 1.29 billion-euro loss for last year compared with profit of 1.45 billion euro in 2010. Weak European sales were to blame, combined with delivery delays in its Healthcare sector a statement by the company said. "Our fourth quarter results were impacted by weak European sales, postponement in deliveries of existing orders in our health care sector, and inventory correction actions...in our Lighting business," said Chief executive Frans van Houten, 2012 earnings will be affected by the restructuring of the companies TV business. Philips will sell a 70 percent stake in the business to Hong-Kong based TPV Technologies Ltd.