Philips Posts Upbeat Q2 Profit

Koninklijke Philips Electronics PHG swung to a profit in the second quarter. Philips posted a quarterly net profit at 167 million euros ($205.4 million), versus a year-ago loss of EUR1.34 billion. Its sales jumped to EUR5.9 billion from EUR5.22 billion, while EBITA came in at EUR450 million. Analysts were expecting a net profit of EUR104.2 million on sales of EUR5.6 billion. Philips shares closed at $19.63 on Friday.