Siemens posts 3Q profit

Germany's Siemens AG posted a third quarter profit of €725 million (US$717 million as of June 30, the end of the period being reported), compared to a loss excluding one-time items of €705 million in the same period last year, the company said in a statement Wednesday.

Earnings before interest and taxes were €892 million, compared to a loss of €479 million a year earlier due in part to write-downs totaling €790 million.

Group sales fell 4 percent to €20.48 billion, while orders dropped 20 percent to €19.03 billion. 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' ICN (Information and Communication Network) division posted a loss for the quarter before interest and taxes of €84 million, including restructuring charges of €45 million, compared to a loss of €563 million a year earlier, including €420 million 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 ICM (Information and Communication Mobile) division reported a loss before interest and taxes of €9 million, including the unit's €20 million share of a third-quarter loss in Fujitsu Siemens Computers (Holding) BV.

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