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Lighting maker Signify reports 81 mln euros Q2 net profit

AMSTERDAM, July 24 – Signify NV, the world’s biggest lighting maker, on Friday reported a 62% jump in second-quarter net profit, despite the coronavirus crisis, and said it intended to pay down 350 milllion euros ($406 million) in debt this year.

Net profit was 81 million euros ($93.87 million), up from 50 million euros a year earlier, which Signify said was due to a tax windfall and lower restructuring charges. Sales fell 0.6% to 1.47 billion euros.

Sales were boosted by Signify’s $1.4 billion acquisition of Cooper Lighting, which closed in March.

Analysts polled by Refinitiv had seen sales at 1.38 billion euros and profit at 5 million euros. ($1 = 0.8629 euros) (Reporting by Toby Sterling; Editing by Subhranshu Sahu)

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