Industry and Energy

Home page

Industry and Energy

Siemens quarterly net profit falls 17

24 January 2012 09:32 (UTC +04:00)

Baku - APA-Economics. Industrial equipment maker Siemens AG said Tuesday that net profit fell 17 percent to euro1.46 billion ($1.89 billion) in the final quarter of 2011 due to delays in major projects and as the uncertain global economic outlook hurt orders, CBS News reported.

Revenue grew 3 percent to euro17.9 billion but new orders slipped 5 percent to euro19.8 billion.

Europe is struggling with a crisis over too much government debt in some countries. The financial market turmoil has created fears of losses for banks that would lead to reduced credit availability for companies.

Siemens is one of the first big industrial companies to report earnings for the last three months of 2011, the fourth quarter for most companies but the first quarter of Siemen’s fiscal year. Its fortunes are a clue to demand in the global economy, since the company is active far beyond its German home in the United States, Asia and the developing world.