Philips' semiconductor unit reported sales of 1,221 million euros ($1.53 billion) in the second quarter, up 5 percent sequentially and up 12 percent over the like period a year ago.

Operational profits quadrupled to 120 million euros ($152 million), according to the Dutch-based company. For the third quarter, the company's chip sales are projected to grow by 5-to-9 percent, according to reports.

Meanwhile, the parent company, Royal Philips Electronics, said net profits hit 301 million euros ($381 million) in the second quarter, down 69 percent from the like period a year ago. Sales rose 9.7 percent to 7.60 billion euros ($9.63 billion) from a year ago.

As reported late last year, Royal Philips Electronics stunned the industry by announcing plans to spin-off its chip unit, Philips Semiconductors.

Last month, Royal Philips Electronics has reiterated its intention to float or sell off a majority stake in its semiconductors division by the end of this year.