Siemens reports 40% net profit rise, issues cautious outlookNovember 6, 2014 - 14:40 AMT PanARMENIAN.Net - Industrial equipment maker Siemens AG said net profit rose 40 percent in the fourth quarter but issued a cautious outlook for the coming year, saying global tensions would affect its business and predicting flat revenue, the Associated Press reports. Siemens also said Thursday, Nov 6, it was selling its hearing-aid business to the investment company EQT and Germany's Struengmann family of entrepreneurs for 2.15 billion euros. Net income for the quarter, the company's fiscal fourth, rose to 1.498 billion euros ($1.872 billion) from 1.068 euros in the same quarter a year ago. Revenue was flat at 20.559 billion euros. Sales and profit figures beat estimates compiled by financial information provider FactSet. Profits were dented by the company's energy division, where it took 223 million euros in charges for troubles with wind turbines which needed to have main bearings replaced and suffered blade damage from rough weather. The Munich-based maker of heavy equipment including trains, medical imaging machines and power turbines said that the business environment would be "complex" in 2015, among other things due to geopolitical tensions. Siemens is active all over the word including the Middle East and Russia, where trade has been put under pressure by sanctions imposed by Western governments over Russia's conflict with Ukraine. The company said that gains from selling businesses would enable the company to increase earnings per share by at least 15 percent in the coming year. Siemens had originally planned a share offering for its hearing aid-business but said it found the offer from EQT and the Struengmann family "very attractive." The deal must still pass regulatory approval. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |