"We expect a moderate decline in comparable revenue in fiscal year 2020," Siemens said in a statement, as it reported net profits down by an annualised 64 percent in January-March, at 697 million euros ($755.77 million).

The group plans to find 165 million euros of extra savings per year on top of an existing cost-cutting drive, bringing its total target to 475 million.

Copyright Agence France-Presse, 2020