German engineering company Siemens says its fiscal second quarter net profit fell more than 60 percent from €2.84 billion ($3.74 billion) to €1.02 billion ($1.34 billion) on the year as writedown weighed on its earnings, according to AP.
Munich-based Siemens AG said Wednesday, April 25 revenue in the same period was up 9 percent from €17.7 billion to €19.3 billion.
Siemens says a writedown of €640 million ($842.3 million) on its stake in its NSN communications division and charges of €278 million in its power transmission division diluted its earnings.
The firm's 2011 second quarter net profit had been higher because of a €1.5 billion one-time gain from selling its stake in nuclear utility joint venture Areva NP.
Siemens produces a wide array of products, including power plants, windmills, trains and white goods.
