Dutch electronics company Philips said Monday it anticipates losses of between 100 and 120 million euros (roughly $140 to $169 million) in its television segment, citing intensifying price competition across the market.
The company moved to cut inventory levels in response, and flagged the unit's profitability as a top priority heading into its 18 April first-quarter results announcement.
The warning came despite a strong 2010 overall, when Philips posted net profit of 1.45 billion euros, up sharply from 410 million euros in 2009. Growth was driven primarily by rising sales in emerging markets.
Philips had already cautioned in January that consumer confidence in developed markets remained weak, with the television segment a particular concern. The group, which also manufactures medical devices and lighting products, employs around 119,000 people in more than 60 countries.
Historical summary. TurkishPress restated this wire report, first published in March 2011, in its own words.