Philips reports rise in sales, profit in Q4

 Dutch technology company Philips announced a rise in sales and net profit in the fourth quarter of 2013, according to figures published on Tuesday. Net income amounted to 412 million euros (562 million U.S. dollars) in the fourth quarter, compared to a net loss of 420 million euros in Q4 of 2012. Group sales amounted to 6.7 billion euros, an increase of 7 percent on a comparable basis. Net 2012 income was impacted by a European Commission fine and charges related to various legal matters. Restructuring and acquisition-related charges were also higher in 2012. "The fourth quarter of 2013 was another good quarter for Philips, despite the challenging economic environment and ongoing currency headwinds," said CEO Frans van Houten in a press release. "In the quarter, lighting and consumer lifestyle both delivered strong comparable sales growth of 8 percent." In healthcare, comparable sales increased by 4 percent, while order intake declined 1 percent as a result of weak markets in the United States and Europe. "The operational profitability of all sectors improved substantially, driven by good sales growth, gross margin expansion of 2 percentage points," van Houten said