Philips Group announced its financial results for the first quarter of 2018. Sales for the Q1 2018 were €3.9 billion ($4.77 billion), a decrease of 2.31%, compared to the sales of €4 billion ($4.77 billion) in the same quarter of 2017. Net income for Q1 2018 was €124 million ($151.7 million), a decline of 52%, compared to the net income of €259 million ($316.9 million) in Q1 2017.
The group added that core profit in the Q1 2018 was €344 million ($420.9 million), an increase of 15%, compared to core profit of €298 million ($364.6 million) in Q1 2017 on sales growth of 5% and new orders increased by 10%.
The company is expecting to achieve the target of 4-6% sales growth for the year as most of its business units are performing well.
