Job fears as Siemens industrial profit dives

Updated:1 month ago IST

New Delhi, Nov 09 (ANI): German engineering company Siemens has reported a worse than expected 10 percent drop in quarterly industrial profit and signalled a tough year ahead as it restructures its turbine and wind power businesses, as reported by Reuters. If Germany is the euro zone's engine then Siemen's is in the driving seat of both. The engineering firm is one of the region's largest. And an unexpected 10 percent Q4 drop in industrial profit to 2.2 billion euros hurt. Shares fell almost 2 percent to two week lows. Siemens is already shedding operations in an attempt to turn itself into an industrial software company. It's listing its health care business and its wind and rail businesses into joint ventures. The profit from Power and Gas, Siemens' second-biggest business line after healthcare, plunged 40 percent due to overcapacity and falling prices.

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