Currency translation effects caused by a weaker U.S. dollar chopped 13% off third-quarter revenue for German multimodality vendor Siemens Medical Solutions. At constant exchange rates, however, the Erlangen division reported 4% growth in sales, and growth in group profit that made the medical unit the most profitable of all Siemens divisions.
Including currency effects, Siemens Medical Solutions reported sales for the third quarter (end-June 30) of 1.721 billion euros ($1.982 billion), down 9% compared to 1.882 billion euros ($2.167 billion) in the third quarter of 2002. The group’s profit was 332 million euros ($382.3 million), compared with 243 million euros ($279.8 million) in the same period the year before.
The numbers for the most recent quarter included a one-time gain of 74 million euros ($85.2 million) related to the company’s contribution of a portion of its electromedical systems business to a joint venture with Dräger Medical.
The company said that medical sales grew 4% and orders grew 1%, despite slower market growth, particularly in the U.S.
By AuntMinnie.com staff writersNovember 7, 2003
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