Siemens profit 27 per cent higher in April-June quarter, but strong euro hurts revenue, orders

BERLIN – Siemens says its net profit rose 27 per cent in the April-June period after earnings a year earlier were weighed down by restructuring costs, though the strong euro hurt its revenue and new orders figures.

The Munich-based industrial conglomerate on Thursday reported net earnings of 1.4 billion euros ($1.9 billion) for its fiscal third quarter, up from 1.1 billion euros last year.

Revenue was down 4 per cent at 17.92 billion euros. Orders dropped 3 per cent to 19.41 billion euros.

Siemens said that the revenue and orders figures were held back by currency translation effects. The company says that, excluding those effects, revenue would have risen slightly and orders would have been level.

Siemens shares were 0.5 per cent higher in early Frankfurt trading at 93.15 euros.