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Philips shares slump over weak 1st-quarter profits

By Toby Sterling
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AMSTERDAM (AP) — Shares in Royal Philips, the world’s leading light maker, slumped Tuesday after the Dutch company reported a drop in first-quarter profits blamed partly on sluggish sales of its health care products and consumer lights.

Philips said its net profit for the January-March period was 138 million euros ($190.5 million), 14 percent lower than for the same quarter of 2013. Sales fell 4.8 percent to 5.02 billion euros ($6.9 billion).

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