Philips reports 100 mln euros loss in Q3

Philips suffered a net loss of 103 million euros (131.5 million U.S. dollars) in the third quarter of 2014, the Dutch electronics giant announced Monday.

The loss was mainly caused by a fine for violating patents and difficult market conditions in countries such as China and Russia. Philips booked a net income of 281 million euros in the same period last year.

"As we manage through a challenging 2014 and given a number of incidentals, we are not satisfied with our overall performance in the third quarter," Frans van Houten, CEO of Philips, said in a press release.

"We are facing sustained softness in a number of markets such as China and Russia. We were also confronted by an adverse jury verdict with a surprisingly high proposed award in the Masimo litigation, which we will appeal. On a positive note, production at our Cleveland facility is ramping up."

Philips reported sales of 5.547 billion euros in the third quarter, compared with 5.595 billion euros a year earlier.

Last month, Philips split into two separate independent companies, one for lighting solutions and one combining health care and consumer lifestyles. On Monday, the firm said the process of separation will take 12 to 18 months.