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.
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.
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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.