(MENAFN) German heavy industrial maker of Siemens announced plans to it will cut another 4,500 jobs in order to streamline its business and improve its profitability, Arab News reported.
The announcement came as the maker of heavy industrial equipment announced that core earnings fell 5 percent to USD1.87 billion in the first three months of the year compared with the same period a year ago.
Profits from its division that makes electricity-generating turbines fell due to low prices and higher expenses. Siemens had already announced in February that it was slashing 7,800 jobs, 3,300 of them in Germany.
Revenues rose 8 percent to USD20.1 billion, strongly boosted by foreign exchange shifts like the euro's weakening against other currencies. Net profit rose sharply to USD4.37 billion from USD1.28 billion.
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