Dutch electronics maker Royal Philips Electronics NV (PHIA.AE) expects to realize more than EUR600 million in cost savings by the end of 2009, Chief Financial Officer Pierre-Jean Sivignon said during a conference call.

Philips previously expected over EUR500 million in annual cost savings.

In the second half of 2009, Philips expects to realize EUR272 million in cost savings on an annual basis, while restructuring costs are expected to amount to EUR145 million.

Philips Monday posted a 19% sales decline for the second quarter, in line with analyst expectations. However, where analysts expected a net loss, Philips was able to realize a EUR45 million net profit due to cost savings and EUR90 million in gains from insurance recoveries and legal settlements.

-By Robin van Daalen, Dow Jones Newswires; +31 20 571 52 01; robin.vandaalen@dowjones.com