Philips sees low demand

Philips sees low demand

EINDHOVEN, Netherlands (Reuters): Philips Electronics NV said yesterday Asian markets would experience weakening demand in 1998.

"We expect that in 1998 local markets in the countries most affected by the currency crisis - Indonesia, South Korea, Thailand, Malaysia and the Philippines - will feel the impact of weakening demand," Philips said in its results statement.

It added the commercial activities in these markets accounted for less than 4 percent of total group turnover.

So far, the currency turmoil of a number of Southeast Asian countries had hardly led to any losses on Philips' foreign currency positions.

"In a number of Philips Organizations which are mainly carrying out business for the local market, the major part of their foreign currency risks had been covered by forward positions," Philips said.