Thursday 13 November 2008

Siemens posts 2.4 billion-euro loss in 4th quarter

Industrial conglomerate Siemens AG on Thursday reported a net loss of 2.4 billion euros ($3 billion) for its fiscal fourth quarter, a
figure that was weighed down by large one-time charges including about 1 billion euros ($1.24 billion) to settle a bribery investigation.

However, the Munich-based company said full-year net profit rose by 46 percent, climbing to 5.9 billion euros ($7.4 billion) from the previous year's 4 billion euros.

The fourth-quarter figure compared with a loss of 74 million euros a year earlier. Siemens said that a major factor was a 1.16 billion euro ($1.46 billion) loss from discontinued operations related mainly to its sale of a 51 percent stake in the Siemens Enterprise Communications unit.

Siemens also has said it would book a charge of about 1 billion euros ($1.24 billion) in the fourth quarter to settle any costs related to an ongoing bribery investigation.

Sales for the quarter rose 4 percent to 22.2 billion ($27.5 billion) from 21.3 billion euros a year earlier.

Source: EconomicTimes

Posted by Harsh at 07:15

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