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Philips: second-quarter profit drops 35% on Covid-19

( - Philips has posted a 35% drop in second-quarter operating profit, as the Covid-19 pandemic has resulted in a sharp fall in demand and the postponement of installations in hospitals.

The Dutch health technology company said that income from operations fell to 229 million euros in the past quarter, down from 350 million euros a year ago.

Sales dropped 6% on a comparable basis to 4.4 billion euros, with a 19% decrease for the personal health businesses and a 9% decline for the diagnosis and treatment businesses, the group said.

However, comparable order intake grew 27%, on the back of double-digit growth in the previous quarter, Philips said, driven by computed tomography imaging systems, hospital ventilators and patient monitors in the wake of the pandemic.

Looking ahead, CEO Frans van Houten said he expects the company to return to growth and improved profitability in the second half of the year.

The shares were up almost 4% on Euronext Amsterdam on this news.

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