Philips announces results for fourth quarter 2010

Philips has reported financial results for the fourth quarter of 2010 that include a net income of €465m (£396m), an increase of €205m compared to the equivalent quarter in 2009.

Nominal sales for the quarter came to €7.4bn, which were two per cent higher year-on-year, while comparable sales declined by four per cent, primarily reflecting weak consumer demand in Western Europe.

Emerging market sales increased from 31 to 33 per cent of overall sales and there was a cash flow of €1.3bn.

Proposed dividend increased to €0.75 per share.