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Siemens earns 79.5% less in its first nine months due to the impact of Russia and Siemens Energy

Written by ebookingservices

Siemens achieved a net attributable profit of 1,022 million euros in the first nine months of its fiscal year –concludes in September–, which represents a fall of 79.5% compared to the result recorded in the same period of the previous year, after suffering losses of 1,655 million between April and June.

The result of the German engineering group reflects the adverse impact of 2,703 million euros related to the impairment of the value of the 35% stake that the multinational holds in Siemens Energymain shareholder of Siemens Gamesa Renewable Energy (SGRE), in addition to other €600 million for exposure to Russia of the company.

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