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Philips

Philips profits more than double in 2016

THE HAGUE, NETHERLANDS: Dutch electronics giant Philips said on Tuesday its bottom-line profit more than doubled in 2016, buoyed by gains from the flotation of its lighting business and the strong performance of its health technology division. Net profit soared by 126 percent to 1.49 billion euros ($1.6 billion) last year, while sales edged up by just one percent to 24.5 billion euros. On a comparable basis, or adjusted for changes in the composition of the group, sales expanded by three percent. "Overall, 2016 was…