Siemens June-qtr net down 23 pc to Rs 130 cr

Siemens Ltd today reported a 22.72 per cent drop in net profit at Rs 130.03 crore for the quarter ended June 2016 on account of "one-time costs and adverse exchange rates".
"...Profit after Tax was lower at Rs 130.03 crore in Q3 2016 (April-June, 2016) compared to Rs 168.26 crore in Q3 2015 mainly due to one-time costs and adverse exchange rates," Siemens Ltd said in a release.
The company registered 44.3 per cent rise in new orders for the third quarter at Rs 3,224.25 crore compared to Rs 2,234.08 crore in the corresponding period of last fiscal.
Revenues were higher by 10.4 per cent at Rs 2,563.13 crore compared to Rs 2,322.01 crore earlier.

As of July 1, 2016, the healthcare undertaking of the company has been sold and transferred as a going concern on a slump sale basis to Siemens Healthcare Private Limited, a subsidiary of Siemens AG.
The gain on the sale will be reflected in the quarter ending September 30, 2016, the statement added.
The company also declared a special interim dividend of Rs 27.50 per equity share of Rs 2 each for 2015-16.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd, said, "We have delivered a satisfactory financial performance in a difficult economic environment. New orders continued to flow from railways, transmission and distribution projects though private sector capex is still muted.