ZURICH: Siemens reported a drop in profit at its industrial business on Thursday and said it expected slightly lower sales growth next year, citing geopolitical risks like trade conflicts and weak consumer demand.
The German engineering group said its industrial profit fell 7% to 3.12 billion euros ($3.29 billion) in the three months to the end of September, ahead of analyst forecasts for 3.0 billion euros.
The trains to industrial software maker, whose results are seen as a bellwether for the broader economy due its products being used in factories and infrastructure projects, reported revenue rising to 20.81 billion euros, slightly better than forecasts of 20.77 billion euros.
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On a comparable basis, which cuts out the impact of currency swings, acquisitions and disposals, sales rose 2%.
For the company’s next financial year, which runs to the end of September 2025, Siemens said it expects its comparable revenue to increase by 3-7%, down from its 2024 goal for an increase of 4-8%.
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