Philips Group’s income rose 5.5% to $68.6...
Philips Group’s income rose 5.5% to $68.6 million (134 million guilders) in the third quarter. The Netherlands company said results were hurt by lower exchange rates. Exchange-rate movements had an adverse effect of 11% on sales, the company added. Profitability decreased in Europe, the company noted, but the revival of demand for integrated circuits in North America and the Far East played a significant role in the results of the company’s components division.
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