Siemens sees renewable energy unit back in black

German conglomerate Siemens expects its renewable energy unit to return to profit following a loss in the first fiscal quarter, a management board member told a German magazine. "Overall, we will probably be back in the black at our renewable energy unit in the ongoing quarter and, over the year, (results) will be significantly positive," Michael Suess, who leads the company's Energy Sector, told WirtschaftsWoche in an interview to be published on Monday.
In the first quarter of Siemens' fiscal year 2012, which started in October, its renewable energy unit comprising wind, solar and hydro power posted sales of 943 million euros ($1.25 billion) and a loss of 48 million euros. In January, Siemens said it expected the wind business to improve in sales and to return to profit in coming quarters.