Siemens posts quarterly growth in sales and orders

29th July 2010, Comments 0 comments

The German industrial group Siemens got back to growth in the third quarter of its fiscal year, it said Thursday, with sales up by four percent on the year and a 22 percent leap in new orders.

Siemens sales reached 19.2 billion euros (25 billion dollars), while orders rose to 20.9 billion, a statement said, their first increases since the last quarter of 2008 and a sign of a rebound in the industrial sector.

The group's energy division in particular reported a series of major contracts but demand was also sustained in its industrial and medical equipment units.

Rivals Philips and General Electric have also released improved results.

Positive foreign exchange effects also played in Siemens' favour, the statement said, with the euro's decline in value against the dollar boosting exports.

The group's three poles of activity turned in an operating profit of 2.33 billion euros, an increase of 40 percent from the same period a year earlier, while net profit was nine percent higher at 1.44 billion euros.

Siemens nonetheless said it expected core profit to decline slightly in its 2010 fiscal year, but forecast total sectors profit of more than 7.47 billion euros, the level in its prior fiscal year.

The group had previously expected that figure to come in between 6.0 and 6.5 billion euros.

© 2010 AFP

0 Comments To This Article