Siemens has announced that it will leave Russia, with the blow to its operations affecting the second quarter.
The German industrial group said that second-quarter earnings were affected by around € 600 million due to impairments and other charges relative to Russia, mainly in the mobility sector.
Siemens net profit fell on an annual basis in the first quarter to 1.21 billion euros from 2.39 billion euros.
Last year ‘s figures included profits of 900 million euros from the sale of Flender to The Carlyle Group.
Net profit figures were lower than expected at € 1.73 billion.
However, revenue rose 16% to € 17.04 billion, while orders rose 32% to € 20.98 billion, both higher than expected.
Source: Capital
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