Philips Benefits From Demand for Medical Equipment Against Corona

Healthcare technology group Philips achieved higher profit and turnover in the third quarter than twelve months previously.

This mainly benefited from the increased demand for respiratory equipment, for example, due to the corona crisis.

Turnover was almost 5 billion pounds, against 4.8 billion pounds a year earlier. Net profit increased to 350 million pounds, from 210 million pounds last year.

The results are much better than analysts expected, because according to a consensus of estimates that Philips itself had drawn up a turnover of 4.9 billion pounds, with a net result of 281 million pounds.

CEO Frans van Houten writes in an explanation that it is clear that the outbreak of the coronavirus is far from over.

Still, good results have been achieved by Philips under challenging circumstances.