Sales and profit rise for Dutch electronics giant Philips

Markets Associated Press

Dutch electronics giant Philips says its fourth quarter sales rose 3 percent to 7.2 billion euros ($7.7 billion) from the same period a year ago, driven by a strong performance in its health technology operations.

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The company announced Tuesday that its net profit soared to 640 million euros ($687 million), compared with a net loss of 39 million euros in the fourth quarter of 2015, when it paid off pension risks and had higher tax and other expenses.

CEO Frans van Houten says, "Our HealthTech portfolio's performance in the fourth quarter of 2016 demonstrates our strategic focus is delivering results."

Van Houten called 2016 a defining year for Philips, in which the company spun off its lighting division and focused its business on health technology.