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January 13, 1988

PHILIPS NV 1987 NET PROFITS TO BE BELOW $554M

By CBR Staff Writer

Blaming the slide in the dollar, Philips NV now says that net profits for 1987 will be below the $554m recorded in 1986: Philips says that it will have to meet the impact of the dwindling dollar by moving more production to countries whose currencies are tied to the US currency, in particular North America; further cost-cutting measures are planned as Philips directs its energies to the core activities of information technology, semiconductors and consumer electronics.

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