Philips Posts Rs 8.73 Crore Loss In Q2
Philips India has posted a net loss of Rs 8.73 crore for the second quarter ended June 30, 2001, as against a net loss of Rs 3.49 crore for the same period last year.
The company's net sales and income from operations of Rs 360.96 crore was marginally lower than in the corresponding quarter of 2000.
The company has charged off Rs 16.49 crore during the current quarter as exceptional items. This include the voluntary retirement scheme (VRS) offered to its employees as payments and writing down of assets no longer in active use.
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According to Philips India, the performance of its lighting division has been satisfactory under difficult market conditions, while its consumer electronics division has performed to expectations, reflecting the results of measures put in place during 2000.
The market conditions of the company's products and services will continue to remain difficult and it is likely to incur significant expenditure on restructuring in the second half of the year, the company stated.