Siemens AG has reported a 37 per cent profit rise for the year ended 30 September, beating forecasts.
In its preliminary results, net income for the year was DM3.64bn from DM2.66bn the previous year. Turnover rose from DM117.7bn to DM134.3bn, up 14 per cent.
The company has been undergoing a restructure over the past several quarters, but the speed at which progress has been made, especially in the last quarter, has surprised City experts.
Heinrich von Pierer, chief executive of Siemens, told analysts: "Net income was up 79 per cent in the fourth quarter. We're satisfied with our performance and are confident this positive trend will continue."
The Infineon Technologies and Information and Communication Products divisions were particularly responsible for the upswing in fourth-quarter profit which registered at DM1.56bn. Both divisions struggled in the same period last year, but favourable market conditions led to increases in earnings.
Sales for the fourth quarter were up 18 per cent to DM42.1bn. Orders were up 20 per cent to DM38.4bn.
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