BERLIN -- Industrial group Siemens AG (1000/34) reported on Wednesday a 12% fall in net profit in the first quarter of its 2012-2013 financial year to 1.2 billion euros (US.$1.59 billion).

The company said that there had been a moderate fall in orders taken.

Operating profit fell slightly from the figure 12 months earlier to 1.295 billion euros.

But the group stood by its targets for sales and profitability up to 2014 as announced in a vast restructuring program a few months ago.

The group said it still intended to make savings of 6.0 billion euros, to focus on its core businesses and to raise profitability to at least 12% in 2013-2014.

Copyright, Agence France-Presse, 2013