Siemens Profit Up 63% for 2010

Nov. 11, 2010
Will give bonuses to all 400,000 employees

Industrial group Siemens reported on Oct. 11 a 63% surge in net profit in its 2010 fiscal year and forecast a sharp rise in operating earnings in 2011.

The company, which builds trains and power plants forecast a 25% to 35% rise in operating profit in its core businesses for 2011.

Siemens attributed the profit gain in the year to September 30 to its renewable energy unit and to its operations in emerging market countries, which now account for a third of its sales.

Between now and 2014, it added, its renewable energy business is expected to be worth 40 billion euros in annual sales against 28 billion at present.

Net earnings in fiscal 2010 came to 4.068 billion euros (US$5.612 billion) despite a 1% dip in sales to 75.788 billion euros.

The company said it would share the fruits of its 2010 performance with its 400,000 employees worldwide, who will receive bonuses totaling 310 million euros.

Copyright Agence France-Presse, 2010

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