Siemens says Q3 profit lost 65% to 501 million euros

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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

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