Philips blames lamps for difficult quarter

Dutch electronics giant Philips has warned that its fourth quarter pro ts will be worse than expected

Philips has yet to release full figures, but it said free cash flow would be £826m. It was £991m last year.

Philips said the problems in the struggling European market meant it could not charge customers as much as it would have liked for lamps, leading to the drop in profits.

Chief executive Frans van Houten said: ‘We have taken measures to address our inventory situation in the lighting business.’

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