Philips Loss From Television Swells as Price Pressure Mounts
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Royal Philips Electronics NV predicted a first-quarter deficit from its television division close to the loss the unit had in all of 2010, raising pressure on the incoming chief executive officer to fix the business.
The loss will be 100 million euros ($155 million) to 120 million euros, Amsterdam-based Philips said in a statement today. Last year, Philips lost 125 million euros from televisions, measured as earnings before interest, taxes and amortization. Philips attributed the loss to pricing pressure and said “resolving this is an absolute priority for the company.”