Engineering giant Siemens has released their third quarter results showing a dramatic improvement over the same period of a year ago. The company group earnings after tax came to a832 million, an increase of 134 per cent.
Within the power generation sector, having recorded earnings before interest and taxes of just a4 million over the same three quarters in 1999, results are up by a factor of 10 to a40 million. Orders doubled over the same period from a1.3 billion to a2.6 billion, largely fuelled by demand from the Americas. In power transmission and distribution though, the results showed a small drop in earnings before tax and interest payments from a26 million last year to a18 million this year.
Industry observers suggest that the recovery with the power generation arm may, in part, be as a result of finally solving the problems associated with their latest 3A range of gas turbines (see also page 3).
