Philips has more than doubled its net profit for the third quarter following the sale of its television business. The company officially disposed of the loss-making venture in April, selling a majority stake to TPV. While the Hong Kong-based company has been busy trying to turn the brand around, Philips has seen earnings increase thanks to growth in the medical imagery and LED light bulb sectors. As a result, net income rose to €170 million, up from €76 million on the same period last year.

In fact, sales of LED bulbs rose by 51 percent, with double-digit growth also seen in the personal care, health and wellness, and domestic appliance arms of the business. Any further success seems to be stifled by the lifestyle entertainment division, however. Philips reported a double-digit decline in that area, as the manufacturer still holds a 30 percent stake in its TV business.

Despite the turnaround, CEO Frans van Houten remains cautious, saying that the company is still experiencing "strong economic headwinds on a global scale, which affect growth going forward." Still, Philips has a plan in place to try and reduce costs by €1.1 billion, with a further 2,200 jobs scheduled to be cut from the company in time for 2014. It remains to be seen how that strategy will pan out, but getting rid of the TV division looks to have been a good start.