Currency effects pulled down fiscal third-quarter sales and operating profits in the medical division of German industrial conglomerate Siemens. New orders rose at a rapid clip in the Erlangen-based division, however.
For the period (end-June 30), Siemens Medical Solutions posted sales of 1.67 billion euros ($2.016 billion), compared with sales of 1.721 billion euros ($2.078 billion) in the fiscal third quarter of 2003, a 3% drop. The company said that after adjusting for changes in currency valuations and other non-recurring items, sales would have increased 5%.
The division posted group profit of 219 million euros ($264 million), compared with group profit of 332 million euros ($401 million) in the same period the year before. Profit fell 34% on an actual basis, but the company pointed out that the division's group profit in the year-ago quarter included a one-time gain of 74 million euros ($89 million) due to the group's sale of its interest in a joint-venture project.
Orders for new products grew 26% to 1,999 billion euros ($2.413 billion) compared with orders of 1.702 billion euros ($2.055 billion) in the third quarter of fiscal 2003.
By AuntMinnie.com staff writersJuly 29, 2004
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