Siemens says Q3 profit lost 65% to 501 million euros
German industrial giant Siemens said Thursday that its third-quarter net profit fell by 65 percent from the same period a year earlier to 501 million euros ($719 million).
The drop was due largely to the "reevaluation of the commerical feasibility of particle therapy" and the result of an arbitration decision regarding a joint venture with the French group Areva, a Siemens statement said.
Siemens chief executive Peter Loescher gave a prudent outlook for the group's full fiscal year, which runs from October 1 to September 30, saying: "Our markets are still robust, although the risks are increasing somewhat in the global economic environment."
But the company also reaffirmed its forecast for continuing operations to generate a profit of at least 7.5 billion euros, excluding payment to former partner Areva.
Siemens also expects new orders to rise significantly, and sales growth of around five percent.
© 2011 AFP