Philips looks to LEDs to restore lighting profits

Pricing pressure and increases in raw materials costs have badly impacted Philips’ lighting business in the second quarter of 2011, off-setting a 21% year-over-year increase in sales of LED-based lighting products.The giant company, headquartered in The Netherlands, posted revenues of €1.78 billion from its lighting business for the three months that ended in June. Although that represents a decline from €1.86 million in the equivalent period in 2010, Philips said that “comparable” sales were actually slightly up, and that the company was hit by unfavorable currency fluctuations.