Frans van Houten
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Philips announces 1.3bn euros loss

The new chief executive of Philips is accelerating his turnaround plan after the Dutch electronics firm posted a surprise net loss of 1.3bn euros ($1.83bn; £1.13bn) for the second quarter.

Frans van Houten blamed the poor figure on weak markets and write-downs of the value of its lighting and healthcare assets.

He said he intended to make 500 million euros of further cost savings - the equivalent of about $700m (£435m).

He also warned there may be more job losses on top of the 6,000 that have already been cut at the firm.

  • 18 Jul 2011