Philips say Q1 profit at 249 million euros

Posted at | Updated as of 04/23/12 10:40 PM

THE HAGUE - Dutch electronics giant Philips posted Monday first quarter net profits of 249 million euros ($328.4 million), up from 138 million euros a year ago amid the sale of some real estate in the Netherlands.

Revenues for the group reached 5.6 billion euros, up from 5.3 billion euros a year ago, and slightly beating the 5.4 billion euros forecasted by analysts polled by Dow Jones news wire.

Nevertheless, the group issued a cautious forecast for the rest of 2012.

"We remain cautious about the remainder of 2012 given the uncertainties in Europe, particularly in the healthcare and construction markets, and the slowing growth rate in the global economy," said chief executive Frans van Houten in a statement.

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