AMSTERDAM – Royal Philips Electronics’ first-quarter profit was $420 million, down 28% year-over-year, the company reported today. Net income fell 75% year-over-year to $344 million.
 
Overall sales were $9.46 billion, up slightly from a year ago.
 
First-quarter revenue last year had benefited from a $1.2 billion addition from the partial sale of the company’s stake in Taiwan Semiconductor Manufacturing Corp.
 
Profit for the consumer lifestyle division, including music players and TVs, was $122 million, down 45% compared to first quarter last year; sales fell 5% to $4.2 billion.
 
Philips is Europe’s largest consumer electronics company.