PHILIPS FORESEES 1998 PROFIT MATCHING 1997 FIGURE.

The Dutch electronics giant Philips is predicting that excluding returns from its former subsidiary Polygram, profits from current operations over 1998 should be broadly similar to the figure for 1997, a result described on September 21 by Company Chairman Cor Boonstra as "unsatisfactory". He indicated that third quarter profits have shown a significant decline on the very high levels recorded last year, principally as a consequence of the disappointing performance of PCC - the group's mobile telephony subsidiary-, (Display) Components, and poorer, though still respectable margins in the semi-conductors division. Philips shares fell 20% on the Amsterdam stock exchange on the...