Siemens announces net profit fall

Industrial equipment maker Siemens said net profit fell 17% to €1.457bn as project delays held down profits and the uncertain global economy cut into order volume.

Revenue grew 3% to €17.9bn.

The Munich-based company today said it took €203m in charges from a delay in getting permission to connect offshore windfarms to the power grid in Germany.

New orders slipped 5%. The company said higher research and investment costs also reduced profit.

Siemens’ products include trains, power generators and transmission equipment, and medical diagnostic machines.