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Cost cutting helps Siemens into profit

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Cost cutting helps Siemens into profit

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Engineering giant Siemens has announced a big hike in profits for the final three months of 2009, mainly as a result of cost cutting.
Last year the company slashed its administrative and sales costs by 1.2 billion euros.
Net income for the quarter hit 1.53 billion euros a rise of 24 per cent on the same period for the previous year.
This despite a drop in overall revenue.