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Philips cautious on sales growth

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Philips cautious on sales growth

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Philips Electronics has unveiled third-quarter operating profit that beat forecasts thanks to cost cuts, but at the same time it was cautious about future sales growth.

The world’s biggest lighting maker reported earnings before interest, tax and amortisation (EBITA) of 648 million euros.

The Dutch company said fragile consumer confidence and economic uncertainty made it hard to see robust growth ahead.

Philips has beaten earnings expectations in recent quarters, but the company warned in July that second-half sales growth would slow to mid-single-digit levels given sluggishness in the economies of Europe and the United States.