Siemens reports leap in Q1 profits

German engineering group Siemens has reported a sharp rise in profits in the first quarter of its financial year.

Net profit for the quarter to December 2003 jumped by 39% from the figure 12 months earlier to

€726m, in line with expectations. However, sales fell by 3% to €18.3bn. Excluding the effects of foreign exchange rates and changes in the asset base, sales rose by 2%.

Siemens employs more than 400,000 people worldwide and around 800 in Ireland, between Siemens Limited, Fujitsu-Siemens and Siemens Business Services.