Dutch electronics giant Philips on Tuesday posted soaring profits of 1.87 billion euros ($2.3 billion) in 2017, as it increasingly focuses its business on health technology.
Net profits were up 25 percent, while sales rose by two percent to almost 18 billion euros, as health-conscious consumers snapped up everything from electric toothbrushes to kitchen appliances.
“2017 was a good year, as we continued the transformation of Philips into a focused leader in health technology and delivered on our improvement targets for the year,” chief executive Frans van Houten said in a statement.
Philips is best known for the manufacture of lightbulbs, electrical appliances and television sets.
But it has pulled out of these activities in face of fierce competition from Asia to focus on health technology, such as computer tomography and molecular imaging, as well as household appliances.
The group, which sold its first lightbulb a few years after it was…