Electronics company Philips has overcome its slump, recording a profit in the last three months of 2009.

Philips has seen a turnaround in its fortunes as it posted a fourth quarter profit in 2009 compared with the loss made in the same period a year earlier.

The global electronics company posted its fourth quarter and annual results today (25 January), which showed the €251 million net profit made in the last three months of 2009.

The firm posted a loss of €1.2 billion in the fourth quarter of 2008.

According to Philips, various cost-cutting measures had helped streamline the business and improve efficiency.

Gerard Kleisterlee, President and CEO of Royal Philips Electronics, said: “Thanks to the increased resilience of our company, we ended the year with a strong fourth quarter.

“Comparable sales came in at last year’s level, delivering a record adjusted profitability of 12.3%. This reflects our strengthened fundamentals and the successful manner in which we have been managing through the downturn.”

Philips’ three main sectors of healthcare, consumer lifestyle and lighting all performed well in its global markets.

Mr Kleisterlee added: “While today’s economic circumstances do not allow for a reliable prediction of future developments, I am confident that based on our Q4 performance, the strength of our portfolio of globally leading businesses and our engaged workforce, 2010 will be a year of further progress.”