A crash in chip sales has seen Europe's largest consumer electronics group reporting the biggest net loss in its history.
Philips' key semiconductor unit turned in a full-year loss of €537m on sales of €4.61bn, while its components business, which will be folded largely into the chips unit, is now deep in the red, according to a report on Canada.com.
Other losses were caused by more than €3.21bn worth of write downs on stakes in technology and media firms.
A spokesman for Philips said that there is no hope of a short-term recovery, and refused to offer an outlook for 2003 or even the first quarter, given the current economic and political uncertainties.
Chief executive Gerard Kleisterlee told reporters that the company will focus on improving profitable operational performance during 2003, and intends to reduce costs by more than €1bn.
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