FRANKFURT: Dutch conglomerate Philips reported a bigger-than-expected decline in quarterly operating profit and warned of a challenging 2014 amid unfavourable exchange rates and slowing demand for medical equipment in China and Russia.
The company said on Tuesday that earnings before interest, tax and amortisation (EBITA) dropped 22% to €314mil (US$433.4 million) in the first quarter through the end of March, missing consensus for €341mil in a Reuters poll.
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