Summary Box: Siemens quarterly net down 17 percent

AP News
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Posted: Jan 24, 2012 12:22 PM
Summary Box: Siemens quarterly net down 17 percent

LOSING STEAM: Industrial equipment maker Siemens AG said Tuesday that net profit fell 17 percent to euro1.46 billion ($1.89 billion) in the final quarter of 2011 due to delays in major wind-power and rail projects.

EUROPE DEBT IMPACT: CEO Peter Loescher said the result showed that troubles In financial markets from Europe's debt crisis "have left their mark on the real economy" through weaker demand.

WORLD VIEW: Siemens fortunes are a clue to demand in the global economy, since the company is active far beyond its German home _ in the U.S., Asia and the developing world.