(MENAFN) Electronics giant Philips said it plunged into loss in the July-September quarter, attributing it to a patent lawsuit and ever-slowing markets in China and Russia, The Peninsula Qatar reported.
Dutch Philips' net loss reached USD131 million in the third-quarter period, blaming it on a state anti-corruption drive in China which was slowing down sales of its equipment there.
In Russia, consumers were holding off from purchasing household appliances on slowing growth in the local economy which is suffering from western sanctions over the Ukraine crisis.
"We are facing sustained softness in a number of markets such as China and Russia. We were also confronted with an adverse jury verdict with a surprisingly high proposed award to Massimo," chief executive said.
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