The Hindu Business Line : Siemens posts Rs 16.5-cr net profit in first quarter

SIEMENS has posted a net profit of Rs 16.5 crore for its 2003-04 first quarter (from October 1 to December 31, 2003) as against Rs 34.4 crore in the same period the previous year.

Profit before tax for the quarter was Rs 23.7 crore (Rs 51.3 crore). The previous year's first quarter profit included a one-time gain of Rs 25.6 crore on account of an advance payment received and booked against a cancelled order, as per contractually agreed terms. It also included dividend income from a subsidiary, which was not reflected in the current quarter.

The operating income after adjustment for non-recurring items increased by 36 per cent.

According to the company, intake of new orders accounted for Rs 911.3 crore (Rs 406.3 crore). Turnover stood at Rs 307.6 crore, an increase of three per cent compared to the corresponding previous period.

The volume drivers were the transportation systems, power transmission & distribution and automation and drives businesses. The turnover included Rs 483-crore order received by the company's transportation systems division from the Ministry of Railways. "Our sustained efforts over the past few years to increase volumes through higher market penetration and simultaneously optimise our cost structure, combined with the upturn in external environment, have well supported the result,'' the company release said quoting its Managing Director, Mr J. Schubert.