Philips says won't meet targets in current market

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AMSTERDAM (Reuters) - Philips Electronics said on Thursday it did not expect to meet its mid-term profit target as market conditions for its Consumer Lifestyle and parts of its Lighting units were deteriorating.

"Doubling of EBITA per share remains the Company's primary medium-term financial objective but is not expected under current circumstances to be met by 2010," the Dutch company said in a statement.

Measures to reduce costs and protect margins are expected to lead to additional charges of around 110 million euros ($139 million), Philips said, bringing total restructuring charges for the fourth quarter to 340 million euros.

The world's biggest lighting maker, a top three hospital equipment maker and Europe's biggest consumer electronics producer also said it expected non-cash writedowns on the value of remaining stakes in LG Display <034220.KS> and NXP of about 1.1 billion euros in the last three months of 2008.

Philips is targeting average annual sales growth of 6 percent until 2010 and a margin on earnings before interest, tax and amortization (EBITA) of 10 to 11 percent.

NXP was spun off from Philips in 2006 and is majority-owned by a private equity consortium including KKR .

In September, NXP announced major cuts in manufacturing, back office and research and development, which could result in 4,500 job cuts, or 15 percent of its workforce.

(Reporting by Harro ten Wolde and Reed Stevenson, editing by Will Waterman)

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