German industrial group Siemens said it was sticking to its 2009 performance targets despite a challenging market after seeing its “total sectors” profit — an adjusted group operating profit — soar 20 percent to €2 billion on the strength of powerful growth in its energy business.
Siemens Oil & Gas division posted profits of €106 million, up 61 percent year-on-year despite 26 percent fewer orders. Oil & Gas revenues were 27 percent higher and reached €1.04 billion.
The company’s renewable energy business generated €101 million in profit on €713 million in quarterly revenue.
Group net income for the company’s first reporting season of 2009 reached €1.23 billion, down over €5 billion over the year-ago span, when over $5 billion was booked for discontinued business in the automotive sector.
Group revenues for the energy giant were up seven percent to €19.63 billion despite €1.230 linked to legal proceedings linked to a bribery scandal. But Siemens is now flush with €1.57 billion in cash compared to a cash account of minus €217 million the same three months a year ago.
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