Royal Philips Electronics NV has announced significant net profit increases so far this year, with LED lighting sales integral to the newly published figures.
The electronics manufacturer, which is responsible for lighting subsidiaries Philips Lighting and Philips Selecon, said sales rose to €5.9 billion in the second quarter, up from €5.2 billion in the same period a year ago.
Net profit was €167 million, rising significantly from the €1.3 billion loss encountered in last year’s second quarter that was hit by a writedown on the value of assets.
Contributing to this dramatic rise was the sales of LED lights, which grew 37% compared to the second quarter in 2011. These now account for 20% if the company’s second quarter lighting sales of just over €2 billion.
A recent installation in South Africa’s State-owned theatre for Philips Selecon and a partnership with MK Electric for Philips Lighting are indications of the company’s ongoing commitment to the LED lighting industry.