Siemens profits hit by EU fine

MUNICH – German electronics giant Siemens reported yesterday first-quarter profits set back at the last minute by a record fine by the European Commission.

Siemens, which runs its business from October to September, said in a statement that net profit amounted to 788 million euros in the three months to December, down 16 per cent from the year-earlier period. Analysts had been pencilling in net profit of around 973 million euros for the three-month period, but those forecasts did not take into account a one-off charge of 423 million euros booked at the last minute.On Wednesday, the EU Commission in Brussels had slapped a 418-million-euro fine on Siemens and its Austrian subsidiary for alleged price-fixing by its power generation division.Nampa-AFPAnalysts had been pencilling in net profit of around 973 million euros for the three-month period, but those forecasts did not take into account a one-off charge of 423 million euros booked at the last minute.On Wednesday, the EU Commission in Brussels had slapped a 418-million-euro fine on Siemens and its Austrian subsidiary for alleged price-fixing by its power generation division.Nampa-AFP

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