Philips Takes Big Charge On Vivendi Universal Stake
Royal Philips Electronics took a second-quarter non-cash impairment charge of 1.56 billion euros ($1.58 billion), mainly related to a decline in the value of its 3.5% stake in Vivendi Universal (VU). Noting that its investment in VU fell an additional 181 million euros ($183 million) from the end of
the second quarter to July 12, the Dutch electronics maker warns that it may have to take another impairment charge to further write down the stake to its fair value.
In all, Philips had a second-quarter net loss of 1.36 billion euros ($1.38 billion), or 1.07 euros per share, on sales of 7.99 billion euros ($8.09 billion). Its shares closed yesterday in Amsterdam up .30 euros at 23.50 euros. VU shares closed yesterday in Paris up .53 euros at 15.88 euros but are down almost 75% this year on concerns about its financial stability and future strategy.
In all, Philips had a second-quarter net loss of 1.36 billion euros ($1.38 billion), or 1.07 euros per share, on sales of 7.99 billion euros ($8.09 billion). Its shares closed yesterday in Amsterdam up .30 euros at 23.50 euros. VU shares closed yesterday in Paris up .53 euros at 15.88 euros but are down almost 75% this year on concerns about its financial stability and future strategy.
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