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Philips shares soar on bumper earnings

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Philips shares soar on bumper earnings

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Philips Electronics has reported first-quarter earnings well above the most optimistic forecasts.

Net profit was 201 million euros compared with a 57 million euro loss in the same period last year.

The Dutch group, which is a bellwether for the technology sector, credited improved sales at its lighting and health care units as well as cost cuts.

Its shares jumped to a two year high.