Siemens raises forecasts after bumper quarter

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German industrial giant Siemens reported on Wednesday a healthy rise in net profit for its second quarter to the end of March and raised its earnings forecast for the current business year.

Second-quarter net profit was 2.8 billion euros ($4.1 billion), up from 1.5 billion euros in the year-earlier period. Sales rose seven percent to 17.7 billion euros while orders surged 28 percent to 20.7 billion euros.

"We've achieved outstanding, broad-based order growth. We're raising our earnings forecast for fiscal 2011 to at least 7.5 billion euros," chief executive Peter Loescher said in a statement.

© 2011 AFP

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