Siemens Medical Engineering Group continues its recent strong financial performance. The Erlangen, Germany-based company reported first-quarter revenue of $1 billion (U.S.), a 21% increase compared with the $883 million reported in the same quarter a year ago. For the period (end-December 31), the group had earnings before interest and taxes of $106.6 million, compared with $43 million last year.
The group's strong financial results over the last two years are due to the implementation of productivity measures to reduce costs, according to group president Dr. Erich Reinhardt. With this quarter's results, Siemens Medical Engineering has become the fifth most profitable group in the portfolio of parent company Siemens AG, he said.
By AuntMinnie.com staff writersFeburary 15, 2000
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