Osram sees sharp rise in net income this year

MUNICH Tue Nov 12, 2013 1:20am EST

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MUNICH Nov 12 (Reuters) - German lighting maker Osram Licht AG said it expects its net income to improve sharply in its current fiscal year after it slashed jobs and costs to return to profit.

In the fourth quarter to September, its net loss narrowed to 29 million euros ($38.9 million) from 119 million in the year earlier period, the company, which was spun off from engineering group Siemens earlier this year, said on Tuesday.

It also said it now sees gross savings from its restructuring programme reaching 1.2 billion euros, compared with a previous target of 1 billion.

($1 = 0.7459 euros) (Reporting by Maria Sheahan; Editing by Jonathan Gould)

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