Member Article

Profits fall at Siemens' energy business

Profits have fallen at German conglomerate Siemens’ Energy business, which operates service facilities at the former CA Parsons Works in Heaton.

Quarterly results for the multinational engineering firm showed its Energy business had seen profits fall from €961 million in 2013 to €761 million, across the six months to the end of March.

The Wind Power division saw orders fall by nearly half what they had been in 2013, across the three months to the end of March.

Within the six months to the end of March the number of orders for Wind Power had fallen 12% compared with 2013’s performance. Profits fell from €105 million to €13 million, comparing the same period.

Results showed the Energy business had experienced a 15% drop in revenue from its operations in Europe, Commonwealth of Independent States, Africa and the Middle East.

The business’ revenues across the Americas had fallen 6%.

Across the entire Siemens’ company profit rose 16% to €1.566 billion, bolstered by a strong performance in the Infrastructure and Cities sector.

Joe Kaeser, president and CEO of Siemens, said: “The second quartered showed that we still have a lot to do to improve our operating performance.

“Nevertheless we are on course to reach our fiscal targets for the year.”

This was posted in Bdaily's Members' News section by Tom Keighley .