Royal Philips NV, the world's biggest lighting maker, says its net profit slumped 27 percent to 100 million euros ($109 million) in 2015's first quarter as higher restructuring costs wiped out gains from higher sales.
Sales rose 14 percent to 5.34 billion euros, as a strong growth from Philips so-called "Consumer Lifestyle" division (dental hygiene, kitchen appliances, hair removal tools) offset slow or falling sales from its healthcare and lighting divisions.
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Restructuring costs totaled 58 million euros.
Philips, which began life as a lighting company in 1891, last year announced an up-to 400-million-euro plan to split off its lighting business to create two separate companies.
The move is aimed at making it easier for the lighting arm, seen as a dominant seller of LED lights, to break into new markets.