Philips net falls 36% in 2003

Philips India's net profit has plunged 35.66 per cent to Rs 67.1 crore in the financial year ended December 31, 2003, against a net profit of Rs 104.3 crore recorded in the previous financial year.

The company's net sales stood at Rs 1,566.4 crore in the year compared with a net sales of Rs 1,529.2 crore in the year ended December 31, 2003, a rise of 2.41 per cent.

The decline in net profit was on account on higher tax provision and higher exceptional charges, the company said in a release.

The figures for the current year are not comparable with the prior year figures as a result of the merger of Philips Glass India, Electric Lamp Manufacturers India and Punjab Anand Lamp Industries with Philips India, during the current year.

Other income for the period increased at Rs 4.3 crore, against Rs 1 crore, while interest payments for the year declined at Rs 6 crore, against an interest outgo of Rs 10.7 crore in the corresponding period, previous fiscal.

The company's paid up share capital has also increased to Rs 582 crore in the year, as a result of the merger of Philips Glass India, Electric Lamp Manufacturers India and Punjab Anand Lamp Industries with itself.

Philips' operating profit in the period, increased 16 per cent at Rs 125.7 crore, compared with Rs 108 crore in the corresponding period of the previous year.

While the lighting business of the company augmented the operating profit margins, market price erosion in the consumer electronics segments has contributed to a lower operational result.