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Philips profits helped by cost cuts

25 January 10 07:20 GMT

Global electronics firm Philips has reported a net profit of 251m euros ($355m; £220m) for the last three months of 2009.

The profit reverses a loss of 1.2bn euros in the same period a year ago.

The company said its profits were higher at all divisions, despite sales declines. Fourth-quarter sales fell 3.4% to 7.3bn euros.

Philips said job cuts had helped it to achieve the results. It has shed 5,474 jobs in the past year.

In a statement, Philips chief executive Gerard Kleisterlee welcomed what he described as "strong" figures.

"Comparable sales came in at last year's level, delivering a record adjusted profitability of 12.3%. This reflects the successful manner in which we have been managing through the downturn," he said.

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