Dutch electronics giant Philips Electronics (PHG.AS: Quote) announced on Monday that its core profit rose 7% in the second quarter, higher than analysts' estimates, mainly driven by the lighting business.
Philips said interest, tax, and amortization (EBITA) increased to 413 million euros ($648.8 million), compared with 386 million euros in the same period last year, while the average of 11 analysts visited by Reuters The valuation is 368 million euros.
The company's second-quarter revenue rose 7% to 6.5 billion euros. Reuters surveyed an average estimate of 6.3 billion euros. Net profit was 720 million euros, including 780 million euros in proceeds from the sale of TSMC shares.
Philips confirmed its target of an average annual growth rate of 6% by 2010, and EBITA's profit margin is 10-11%.
According to Philips, lighting restructuring and related expenses have increased to 85 million euros for the whole year, including 15 million euros in the third quarter.
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