Net earnings at the Munich, Germany-based group, whose products range from trains to factory equipment and wind turbines, fell 3 percent year-on-year in its October-to-December first quarter, to just under 1.1 billion euros (US$1.2 billion). Operating profit declined sharply at both its factory automation unit, down 32 percent, and the gas and power division, down 63 percent. Despite the operating loss at Gamesa, the wind turbine arm boosted revenues 82 percent, taking in 4.6 billion euros to account for more than one-fifth of the group’s 20.3 billion euros total in the quarter. The energy unit is slated to be bundled with the gas and power division into a new business called Siemens Energy, which is to be spun off later this year. The company “will list Siemens Energy on the stock exchange in September as planned,” Kaeser said.

Source: Taipei Times February 05, 2020 15:56 UTC