Amsterdam, April 16 (Bloomberg) -- Royal Philips Electronics NV, Europe's largest consumer-electronics maker, said demand is starting to pick up and reported its first profit in a year. The shares posted their biggest gain since December.
First-quarter net income fell to 9 million euros ($7.9 million), or 1 cent a share, from 93 million euros, or 7 cents, in the year-earlier period. Analysts had expected a loss.
Philips said it was maintaining its expectation for growth of around 5 percent in the chip business until it grows more confidence on the trend. The outlook for all its businesses beyond its second quarter remained murky, management said.
First-quarter net income fell to 9 million euros ($7.9 million), or 1 cent a share, from 93 million euros, or 7 cents, in the year-earlier period. Analysts had expected a loss.
Philips said it was maintaining its expectation for growth of around 5 percent in the chip business until it grows more confidence on the trend. The outlook for all its businesses beyond its second quarter remained murky, management said.
