Siemens posts third-quarter profit

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Siemens posts third-quarter profit

Siemens has posted a third quarter profit of €725m (£460.4m) as of 30 June, compared with a loss excluding one-time items of €705m in the same period last year.

Earnings before interest and taxes were €892m, compared with a loss of €479m a year earlier, following write-downs totalling €790m.

Group sales fell 4% to €20.48bn, while orders dropped 20% to €19.03bn. The company attributed the slide in orders to a high level of orders the year before in its power generation and transportation system units.

Siemens, Germany's largest electronics and engineering company, said it expects fourth-quarter results to fall below those of the third quarter.

Siemens' Information and Communication Network (ICN) division posted a loss for the quarter before interest and taxes of €84m, including restructuring charges of €45m, compared with a loss of €563m a year earlier, including €420m in charges for asset write-offs.

While ICN narrowed its losses, Siemens said the unit still faced challenging market conditions for broadband access equipment.

The Information and Communication Mobile (ICM) division reported a loss before interest and taxes of €9m, including the unit's €20m share of a third-quarter loss in Fujitsu Siemens Computers.

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