Philips net profit up 18 percent thanks to health care

Markets Associated Press

Dutch electronics and health care giant Philips says net profit rose 18 percent to 383 million euros ($417 million) in the third quarter from the same three months last year as its health care technology portfolio recorded solid sales growth.

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The company, which is in the process of spinning off its lighting business, says that sales edged higher to 5.9 billion euros ($6.4 billion) from 5.8 billion euros ($6.3 billion) in the same period last year.

Philips CEO Frans van Houten reiterated Monday that the company expects further improvements in its earnings in the final three months of the year, but said that "going forward, we remain concerned about risk due to volatility in the markets in which we operate."