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Siemens Q1 core profit up 15 pct as project charges decline
January 28, 2014 / 6:05 AM / 4 years ago

Siemens Q1 core profit up 15 pct as project charges decline

MUNICH, Jan 28 (Reuters) - German engineering group Siemens reported on Tuesday a 15 percent gain in first-quarter core operating profit as its savings programme bore fruit and it incurred fewer charges related to poor project execution.

Total Sector Profit - operating profit from its four main businesses - rose to 1.79 billion euros ($2.45 billion) from 1.56 billion, coming in just below analyst consensus of 1.86 billion in a Reuters poll.

Siemens, which affirmed its full-year outlook, also said it was de-listing its American Depositary Receipts from the New York Stock Exchange, citing low trading volumes of its shares in the United States.

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