The profit of Healthcare company Philips soars due to growing demand
Headquartered in Amsterdam, Koninklijke Philips was founded in 1993.
On Monday, the company stated that its core earnings surged 2.6% in the third quarter to 583 million euros ($646.3 million). This was due to the fact that the company is having a strong demand for its medical machines globally.
There was a considerable amount of successful sales of their hospital equipment in countries such as China, India and Latin America and it was the major reason behind the increase of Philips’ comparable revenue of 6% to 4.7 billion euros.
According to Reuters, the company gave a warning that, due to prevailing trade tariffs and poor results at its Connected Care arm, it would not succeed in reaching its 2019 profit margin target.
“In the third quarter, we delivered mixed results. We recorded strong sales growth [but] comparable order intake was flat,” Chief Executive Frans van Houten said.