Philips NV (AMS: PHIA) said that its net profit came in stronger than expected in the second quarter on Monday but saw a significant decline on a year over year basis. The company, however, expressed confidence that profitability is likely to improve in the upcoming months and that it will recover back to sales growth in the remaining two quarters of the financial year. Philips inked a long-term strategic agreement with Flevo Hospital last week.
