(MENAFN) Siemens' chief executive, Peter Loescher, stated that net profit in the first quarter dropped by 12 percent to USD1.616 billion, reported Gulf News.
Loescher said that overall underlying profit in the three months to December gained 4 percent, reaching USD2.26 billion, whereas revenues rose 2 percent to USD24.14 billion.
Meanwhile, profit margin went up to 9.3 percent, compared with 9 percent posted in the same period a year before.
On the other hand, new orders fell by 3 percent in the 3-month period to USD25.5 billion.
For the full year, Loescher noted that the German firm is focusing on reorganizing measures aimed at raising its overall profit margin to a minimum of 12 percent by fiscal 2014.
Moreover, the company plans to acquire specialized firms, and to sell off several activities, including solar energy, in addition to its water treatment activities.
As for the underlying profit for the full year, Siemens expects the figure to range between USD5.99 billion and USD6.65 billion, down from USD6.92 billion last year.
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