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Electronics Production | October 13, 2008

Philips announces further cost saving measures

Royal Philips, headquartered in Eindhoven, The Netherlands, has announced further cost saving initiatives in its quarterly report for Q3. This comes after a weaker-than-expected third quarter result.

Furthermore, the Group plans to slow down its share buy-back programme. The quarterly report states that the 3Q EBITA dropped from €444 million (2007) to €128 million - despite the fact that experts predicted an EBITA of €168 million. The turnover also fell - from €6.47 billion to €6.33 billion.
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