Siemens Reports Increase In Profit And Revenue

BERLIN, Aug 8 (Bernama-dpa) -- Siemens, one of the largest manufacturing companies in Europe, reported a rise in net profit and revenue for the third quarter, the company announced on Thursday.

For the three months, the company recorded a net income of €2.1 billion (US$2.29 billion), higher than €1.4 billion for the same period last year, reported German news agency dpa.

"We grew profitably in the third quarter, continuing to benefit from the high demand in electrification," chief executive Roland Busch said.

"Another growth driver was our particularly strong industrial software business, which won several large licence contracts. The industrial automation business remains challenging. We confirm our company's full-year outlook."

Earnings from Digital Industries rose 3 per cent, year-on-year to €1.1 billion.

Smart Infrastructure recorded a profit of €923 million, up 20 per cent from previous year.

Profit from Industrial Business stood at €3 billion, higher than last year's €2.7 billion, with contributions from all industrial businesses. 

Orders, however, slipped to €19.8 billion from the previous year's €23.5 billion. 

Revenue improved to €18.9 billion from €18.1 billion a year ago, with higher order volumes at most industrial businesses, including double-digit percentage increases in Digital Industries and Smart Infrastructure. 

Looking ahead, for the full year, excluding currency translation and portfolio effects, the group has confirmed its outlook for a revenue growth of 4 per cent to 8 per cent.

--BERNAMA-dpa