Daily News Egypt

Siemens logs stable profit, eyes deal with Bombardier - Daily News Egypt

Advertising Area



Advertising Area




Siemens logs stable profit, eyes deal with Bombardier


German engineering giant Siemens has reported an increase in bottom-line earnings for its second fiscal quarter. The company keeps eying a merger of its rail business with that of Canada’s Bombardier.Running its business year from October to September, Germany’s Siemens on Thursday reported a 0.7-percent rise in net profit for its second quarter to 1.45 billion euros ($1.58 billion).

Revenues in the January to March period were up 6 percent at 20.2 billion euros, the company said in a statement. Siemens said the result was attributable to strong growth in all its industrial segments, ranging from wind turbines and power plants to trains and medical equipment.

The company noted its order books swelled by 2 percent to 22.6 billion euros in the second quarter.

New challenges

In the second half of the year, Siemens aims to integrate newly-acquired software firm Mentor Graphics into its business. The US-based company is seen by managers as key to developing Siemens’ vision of future factories.

A second priority is the launch of wind turbine subsidiary Gamesa Renewable Energy, born from a recent merger with Spanish manufacturer Gamesa.

Siemens’ Chief Financial Officer Ralf Thomas said anti-trust authorities should be less rigid in assessing the company’s plan to merge its train business with that of Canada’s Bombardier. He came out in favor of further market consolidation in Europe, considering fierce competition from China’s rail giant CRRC.

hg/jd (dpa, AFP)

Topics: Siemens

Advertising Area

Advertising Area



https://www.dailynewsegypt.com/2017/05/04/siemens-logs-stable-profit-eyes-deal-with-bombardier/
Breaking News

No current breaking news

Daily News Egypt Android App Available for free download on Google play
View
Daily News Egypt Ios App Available for free download on APP Store
View
Social Media Auto Publish Powered By : XYZScripts.com