Germany’s global industrial conglomerate Siemens says its annual net profit dropped 17 per cent at the end of last year, amid Europe’s difficult economic environment.
Siemens also suffered a 16 percent drop in new orders in China, contributing to an overall 5 percent drop on last year.
In the first quarter, net income from continuing operations fell 27 percent to 1.36 billion euros, while operating profits across its main sectors fell from 2.1 billion euros to 1.6 billion euros from the same time last year.
Despite the bleak figures, Siemens boss Peter Löscher remained optimistic in an interview with Bloomberg TV: ““Even though we’re expecting a recovery in the second half of the year, we have to work hard to reach our targets,” he said.
Headquartered in Munich, Siemens is Europe’s largest engineering company which integrates technology across industry, energy, healthcare and infrastructure.
Image credit: Flickr user Siemens PLM Software