Philips reports record losses

Philips has recorded its biggest ever loss because its acquisitions have lost so much in value.

The electronics firm posted a full-year net loss for 2002 of 3.21 billion euros (£1.72billion).

"The company will continue cost reduction initiatives, including the reduction in overhead costs, which is on track," chief executive Gerard Kleisterlee said in a statement.

"On the basis of the current economic and political uncertainties, Philips doesn't anticipate any short-term improvement in economic conditions."

	Sparky intro!
	Gewiss are gaining market share through aggressive pricing….are you getting the deal?
Do you have some interesting news or gossip? .