THE HAGUE: Electrical appliance group Philips reported a 23 percent slump in net second quarter profit on Monday, to 243 million euros ($329 million).
The Dutch giant said in a statement sales were also down 5.4 percent to 5.3 billion euros.
The group had blamed weak performance by its new strategic activities in healthcare equipment for a slump in profits in the first quarter.
A world leader in electrical appliances for the home, industry and local authorities, Philips is in the process of refocusing much of its business on equipment for the medical sector where it has technological expertise and where margins are strong.
Founded in 1891, the company employs 112,000 people worldwide.
Last year, Philips announced the sale of its lifestyle entertainment branch, which makes stereos and DVD players, after selling its troubled TV-making arm in 2012.
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