Siemens AG, maker of trains, power generation equipment and other heavy commercial items, said Thursday that net revenue fell by half due to greater taxes and losses at its Siemens Gamesa renewable resource arm related to the infection break out.
- Associated Press
- Last Upgraded: August 6, 2020, 6: 06 PM IST
FRANKFURT, Germany Siemens AG, maker of trains, power generation equipment and other heavy industrial items, said Thursday that net revenue fell by half due to higher taxes and losses at its Siemens Gamesa renewable energy arm associated to the infection outbreak.
Net profit can be found in at 535 million euros ($634 million) in the April-June quarter, below 1.14 billion euros in the same quarter a year earlier.
Earnings fell 5%to 13.5 billion euros, while orders, an essential consider future earnings, fell 7%to 14.4 billion euros. The order book was increased by a 1.1 billion-euro order for high-speed trains in Germany; the year-earlier figure was enhanced by a 1.2 billion euro order for trains in Russia.
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Based in Munich, Siemens said that profits in the rail infrastructure and services service was decreased since the business could not get access to some consumer sites during the worst of the break out lockdowns.
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