Siemens’ net profit drops 22.5% in Q1

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Mumbai, Aug 5 (IANS) Siemens said on Friday posted net profit of Rs 130.03 crore for the April-June quarter, down 22.5 percent as compared to Rs 168.25 crore clocked during the corresponding period a year ago.

The net profit of the company dropped “mainly due to one-time costs and adverse exchange rates”, the company said in a regulatory filing.

Revenues were higher by 10.4 per cent at Rs 2,563.13 crore during the period under review compared to Rs 2,322.01 crore a year ago.

“We have delivered a satisfactory financial performance in a difficult economic environment. New orders continued to flow from railways, transmission and distribution projects though private sector capex is still muted,” said Managing Director and CEO Sunil Mathur.

–IANS

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