Energy sector boosts Siemens

By George Frey | April 30, 2009, Thursday |

Print Edition

INDUSTRIAL conglomerate Siemens AG's net profit soared by 146 percent in its fiscal second quarter on higher sales and lower one-time charges, it said yesterday. However, order intake dropped.

The Munich-based company said net profit in the January-March second quarter rose to 1.01 billion euros (US$1.3 billion) from 412 million euros in the second quarter of 2008.

The company noted that it took substantial charges in last year's second quarter stemming from reviews of large projects.

Sales were up 5 percent from a year earlier, rising to 19 billion euros from 18.1 billion euros.

However, Siemens said it saw order intake decline by 11 percent. The company bases its outlooks on order intakes because orders for the large products Siemens makes, such as turbines and trains, are often placed years in advance. Looking ahead, Siemens said there was no evidence of near-term improvement in the current economic and financing environment.

Sales growth

"Despite these conditions, total sectors profit for fiscal 2009 is expected to exceed the prior-year level of 6.6 billion euros," it said.

Siemens said it was aiming for sales growth "at least twice the rate of global gross domestic product growth."

The company's energy sector was the top contributor to profit. Its earnings soared to 818 million euros from 6 million a year earlier.

Its health-care sector's profit was up 4 percent to 355 million euros, while it posted a 10-percent increase in sales and a 6-percent increase in orders.

However, its industry sector - with products ranging from trains to light bulbs - saw net profit fall 29 percent to 671 million euros.

Manufacturing

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Energy sector boosts Siemens

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