Sales up but profits fall at Siemens


Sales up but profits fall at Siemens

Antony Savvas

Siemens recorded a 4% increase in sales for its second quarter ending 31 March but net profits still fell, partly as a result of poorly performing telecoms and business services divisions.

For the second quarter, Siemens reported net income of £546m compared with £846m for the same quarter last year. The second quarter of 2004 had been boosted by Siemens’ £413m sale of shares in the Infineon semiconductor business.

Losses in the communications division, mainly due to its mobile devices business, and at Siemens Business Services combined to lower Siemens’ group profits. 

The communications division, which includes wireless and fixed networks, lost £13.2m overall, with the mobile devices segment contributing losses of £96.5m after making a profit last year.

The number of Siemens mobile handsets shipped dropped from 12.8 million to 9.3 million.

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