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Amsterdam (pte042/15.04.2003/15:34) - The Dutch electronics company Philips http://www.philips.com is again in the red. A net loss of 69m euros was posted in the first quarter. Weak currencies and lower consumer confidence have been the reasons for the sales fall. Despite this, the loss is valued lower than the predicted analysis expectations. But whether or not the Dutch company can break even with its loss-making US-unit within the next six months is questionable.
Jan Hommen, chief financial officer, said that three factors influenced sales and affected consumer confidence: the Iraq war, the SARS epidemic and wavering economies. Philips' loss was also a result of the restructuring of the chip branch, which in March this year led to a debit of 52m euros.
The industry of consumer electronics is generally under pressure at this time. Mobile phone, monitor, DVD and handsets sales have all fallen between 9-10%.
The prognosis for semiconductors looks better, however. Philips Semiconductors http://www.semiconductors.philips.com , behind Infineon and the French company STMicro, is the third largest chip manufacturer in Europe and employs about 34,000.
In the consumer electronics branch in 2003 Philips will have to deal with restructuring costs to the value of 68m euros. Last year the company made a profit of 9m euros.
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