Dutch electronics giant Philips has reported a 57 million euro net loss for the first quarter of 2009, and a 17% decline in sales to 5.1 billion euros.
The company made a net profit of 294 million euros during the same period last year.
In a statement, chief executive Gerard Kleisterlee said there was a significant further deterioration of the company's our markets during the quarter.
He said the effects were felt most strongly in activities that cater to the consumer market, the construction industry and the automotive industries, though there was also an impact on the company's healthcare sales.
The statement said the company expected no material change to this situation in the second quarter.