Signify: quarterly profit rises, helped by cost cutting
(CercleFinance.com) - Signify on Friday said its second-quarter operating profit rose by 14% year-on-year, as the company cut its expenses amid falling sales.
Quarterly EBITA at the Dutch lighting maker formerly known as Philips Lighting reached 119 million euros in the three months to 30 June, from 104 million euros a year ago.
With comparable sales dropping 22% in the second quarter to 1.46 billion euros, the results demonstrated "resilience" in a challenging market environment, the group said.
Excluding currency effects and changes in its consolidation scope, adjusted indirect costs fell by 86 million euros, or 19%, it added.
The company's shares were up about 4% in morning trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Quarterly EBITA at the Dutch lighting maker formerly known as Philips Lighting reached 119 million euros in the three months to 30 June, from 104 million euros a year ago.
With comparable sales dropping 22% in the second quarter to 1.46 billion euros, the results demonstrated "resilience" in a challenging market environment, the group said.
Excluding currency effects and changes in its consolidation scope, adjusted indirect costs fell by 86 million euros, or 19%, it added.
The company's shares were up about 4% in morning trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.