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Siemens says crisis hurting profits in first quarter
Source: Agencies |
January 24, 2012, Tuesday
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GERMAN industrial giant Siemens said today that bottom-line profits were down in the first three months of the current business year as customers delayed projects due to the debt crisis.
"The uncertainties of the ongoing debt crisis have left their mark on the real economy," Siemens chief executive Peter Loescher said in a letter to shareholders.
"Our revenue increased again, while certain project delays burdened profits. Although a recovery is expected in the second half of the year, we must work hard to achieve our goals," Loescher said.
Siemens runs its business year from October to September and in the three months to December, net profit amounted to 1.44 billion euros (US$1.9 billion), it said.
That represented a drop of 16.2 percent from the same period a year earlier.
At the same time, first-quarter revenues rose by 3.0 percent to 17.9 billion euros while new orders dropped 4.0 percent to 19.81 billion euros, Siemens said.
"The uncertainties of the ongoing debt crisis have left their mark on the real economy," Siemens chief executive Peter Loescher said in a letter to shareholders.
"Our revenue increased again, while certain project delays burdened profits. Although a recovery is expected in the second half of the year, we must work hard to achieve our goals," Loescher said.
Siemens runs its business year from October to September and in the three months to December, net profit amounted to 1.44 billion euros (US$1.9 billion), it said.
That represented a drop of 16.2 percent from the same period a year earlier.
At the same time, first-quarter revenues rose by 3.0 percent to 17.9 billion euros while new orders dropped 4.0 percent to 19.81 billion euros, Siemens said.
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