(MENAFN) Europe's largest engineering company, Siemens AG (SIE), reported that its profits have missed analysts' expectations as the company has booked more project charges at its power transmission division, Bloomberg reported.
The Munich-based company said in a statement that its operation income before taxes increased 21 percent, hitting USD2.2 billion in the second quarter, while the average prediction for analysts was USD2.47 billion.
The company's sales also dropped by 1.9 percent, reaching USD24.33 billion.
"We still have a lot to do to improve our operating performance. Nevertheless, we are on course to reach our targets for the fiscal year," Siemens Chief Executive Officer said.
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