Siemens Net Profit Falls

Siemens Net Profit Falls

Siemens AG (SI) Thursday said third-quarter net profit fell 8% as margins narrowed in parts of its business and order intake slumped by 28% due to the economic downturn, but it kept its outlook for full-year operating profit in its core sectors above last year's level of EUR6.6 billion , Wall Street Journal reports.

However, the Munich-based company said net profit in the April-June period fell to euro1.3 billion ($1.8 billion) from euro1.4 billion in the year-ago quarter.

Siemens, whose fiscal year begins in October, said revenues for the third quarter fell 4 percent to euro18.3 billion from euro19.2 billion , New York Times reports.

“The macroeconomic environment clearly left its mark on new businesses,” Chief Executive Officer Peter Loescher said in a statement , Bloomberg reports.