“As anticipated, Covid-19 caused a steep decrease in consumer demand,” Phliips chief executive Frans van Houten said in a statement. The decrease in normal, non-virus hospital procedures involving Philips equipment had a particular impact, van Houten said. However demand for equipment used to treat Covid-19 had caused orders to grow by 27 percent, he added. Philips was now targeting an improvement for the rest of the year despite the impact of the pandemic. “We feel we can get back to growth in the second half of the year, and then even for the whole year have positive growth,” van Houten said.

Source: Manila Times July 20, 2020 17:26 UTC