Philips takes profit hit from product safety fault | Malay Mail

NETHERLANDS, July 26 — Dutch electronics giant Philips said today sales were up for the second quarter, but that profits took a hit from a recall of faulty sleep and respiratory care equipment.

Net profit fell from €210 million to €153 million, however, under the impact of setting aside 250 million to cover the costs of the recall. “We have mobilised the necessary resources across the company to address the component quality issue in certain of our sleep and respiratory care products,” Philips chief executive Frans van Houten said in a statement.

New orders fell by 15 per cent on a comparable basis, but that was from an exceptionally strong period last year as hospitals and clinics scrambled for equipment at the beginning of the pandemic.

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