Siemens to cut as profit drops

City A.M. Reporter
AN i

AN industrial bellwether Siemens yesterday said it would stick with its focus on cost cuts as a weak global economy saps demand for factory equipment.

The engineering group, which makes products ranging from fast trains and gas turbines to hearing aids, reported a three per cent fall in new orders to €19.1bn (£16m) for its financial first quarter.

Profit fell 12 per cent to €1.2bn, partly due to a €115m writedown on its solar power business.