Monday, April 18, 2005
Philip reported lower than expected first quarter profit amid overcapacity in chips and liquid-crystal displays (LCDs), the company said.
Net profit at the world's biggest lighting maker is  117 million ($150.6 million), against an average expectation of 156 million.
In the year-earlier period, net profit was 550 million, boosted by results from unconsolidated companies at the firm.
This quarter, however, the sizeable stakes held by Philips in companies such as South Korea's flat-panel maker LG.Philips LCD and Taiwan contract chip producer TSMC turned in only 22 million, versus 457 million a year earlier and analyst expectations of 50 million, as selling prices of their products slipped due to overcapacity.
By: DocMemory
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