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Royal Philips Electronics NV (PHIA.AE) Monday posted a net profit for the second quarter, as margins improved due to cost savings and insurance recoveries and legal settlements, but said it remains cautious on outlook.

Net profit for the three months ended June 30 was EUR45 million, compared with a net profit of EUR732 million in the same period last year - but against analyst expectations for a loss.

Earnings before interest, taxes and amortization, analysts' preferred measure of operating performance, came in at EUR118 million compared with a EUR396 million profit a year ago. The figure includes EUR148 million in charges. Analysts had expected Ebita to come in at a EUR69 million loss.

The Amsterdam-based company posted a 19% drop in sales during the quarter, in line with expectations.

Chief Executive Gerard Kleisterlee said he remains cautious about the economy and the markets it operates in and will not shy away from further cost-cutting measures.

Philips previously said it targets over EUR500 million in annual cost savings by year-end.

Philips shares closed at EUR12.95 Friday, having lost 6.4% since the start of the year, while the benchmark AEX index lost just over 1% in the same period.

 
   Company Web site: http://www.philips.com 
 
 

- By Robin van Daalen, Dow Jones Newswires; +31 20 571 52 01; robin.vandaalen@dowjones.com