Siemens pins hopes on rail as manufacturing gloom hits home

Frankfurt am Main: German industrial conglomerate Siemens reported on Thursday falling profits in its third quarter across most of its sprawling operations as manufacturers worldwide suffered, but said it could still reach full-year targets. Net profit fell six per cent year-on-year between April and June, to 1.1 billion euros ($1.2 billion). But revenues at Siemens, which makes products from wind turbines to trains and medical scanners, edged up two per cent, to 21.3 billion euros, when adjusted for the effects of its restructuring and exchange rates. “As indicated already quite some time ago, geopolitics and geoeconomics are harming an otherwise positive investment sentiment,” chief executive Joe Kaeser said. Germany’s mighty industrial sector is suffering a slowdown as uncertainty over the US-China trade conflict, the risk of a no-deal Brexit and emerging market volatility weigh on demand. — AFP