Valuetronics Holdings

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For reading: Philips Spin-off

Philips swung to a net loss of 103 million euros (103.76 million pounds) on sales of 5.5 billion euros in the third quarter, compared to a net profit of 281 million euros on sales of 5.6 billion euros a year earlier.

That was roughly in line with analyst forecasts as the company was hit by several one-off charges, including a 366 million euro fine relating to a lost U.S. patent lawsuit against medical equipment manufacturer Masimo. Philips is appealing.

There were also 49 million euros in writedowns, mainly in inventory, after an earlier production suspension at its Cleveland, Ohio, factory.