Philips profit in line, cautious about 2012

AMSTERDAM, THE NETHERLANDS: Philips Electronics on Monday reported fourth-quarter core profit of 503 million euros, down from 913 million euro a year ago, and said it is cautious about 2012 given uncertainty in the global economy, particularly in Europe.

Philips, the Dutch consumer electronics, lighting and healthcare group had warned on January 10 that quarterly core profit would be significantly lower than a year ago, and that charges would be booked for inventory it has not been able to shift because of weak consumer demand in Europe.