Philips' profit beats Street view

AMSTERDAM: Royal Philips Electronics NV, Europe's largest maker of consumer electronics, reported a profit in the second quarter, defying analysts' expectations of a loss.

Net profit was 44 million euros ($61.24 million), or 5 cents a share, compared with 732 million euros, or 72 cents, a year earlier, the Amsterdam-based company said in a statement yesterday.

Analysts had predicted a loss of 122.5 million euros, the average of 13 estimates compiled by Bloomberg showed.