MANILA: Royal Philips NV, the Dutch healthcare equipment maker, reported second-quarter profit that rose more than expected on cost savings and said earnings would improve in the second half of the year. Adjusted earnings before interest, taxes and amortization rose 8.6 percent to 544 million euros (US$596 million), the Amsterdam-based company said in a statement yesterday. That beat the 519 million euros average estimate of analysts surveyed by Bloomberg. The company maintained its full-year outlook. Faced with stiffer competition from Chinese manufacturers, Philips has sought to lower costs, add contracts for services and incorporate more technology into its healthcare products, which include heart monitors and scanners.
PM Shehbaz directs FBR to accelerate tax reforms
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