PolyGram sale boosts Philips' income

PolyGram sale boosts Philips’ income
Alex Mayhew-Smith Philips has reported a huge increase in net income for 1998 to $6.8bn from $2.9bn for the previous year. The increase has been fuelled by cash made from Philips’ sale of its 75 per cent stake in PolyGram. Turnover rose by three per cent to $34bn. Sales in its lighting division fell two per cent and a question mark still remains over the future of the company’s three cathode ray factories in the UK, employing 2,000 people.

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