Philips profit hit

THE HAGUE: Electronics giant Philips on Monday posted a 63 per cent slump in first quarter profits for 2016, blaming the fall on a high tax bill incurred for a major restructuring. It also confirmed that its lighting branch, which is being separated from its other activities, would ‘likely’ be floated on stock market. A household name for home appliances, Philips said it had earned 37 million euros in net income for first quarter, compared with 100 million euros in same period in 2015. The Amsterdam-based firm has re-oriented its range of activities in recent years to focus more on advanced lighting technology and medical technology where margins are strong and less vulnerable to competition from emerging markets. The restructuring of the firm, which employs 106,000 people around the world, is expected to be completed this year.