Philips Q2 profits plunge 32.9%

THE HAGUE: Dutch electronics giant Philips Monday posted a 32.9 percent fall in second quarter profits, hit mainly by the costs of spinning off its lighting business last year.

Net income dropped to 289 million euros from 431 million euros over the same period in 2016 “due to lower income from discontinued operations, and higher structuring and acquisition-related charges,” the Amsterdam-based company said.