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Emerging markets boost Siemens profit

Emerging markets boost Siemens profit
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Siemens says it managed to beat profit forecasts for the three months to the end of last year. Net profit from continuing operations rose 17 percent to 1.79 billion euros in the quarter

Europe’s biggest engineering conglomerate credited robust demand in fast-growing emerging economies which accounted for around 30 percent of sales last year. It said signs for future sales were strong.

Siemens, whose products range from steam turbines and fast trains to hearing aids and light bulbs has been increasingly making lower-priced products to suit demand.

Like most of its German peers, the company relies heavily on exports of manufactured goods to China, Brazil, India and Russia to power growth, profiting from aggressive infrastructure investment in those countries.

Siemens and steelmaker ThyssenKrupp have also benefited from emerging economies’ appetite for German luxury cars, high-end engineering machinery and industrial equipment.

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