Project review charges take their toll in Q2 2008 results
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Siemens IT
Solutions and Services, the division of German engineering giant
Siemens which recently signed contracts to
implement large IT projects at the
NHS and the
BBC, posted disappointing results for the
second quarter of fiscal year 2008.
The division’s group profits slipped to a €35m (£28m) loss, from an €80m
profit in the first quarter of 2007.
The company blamed the shortfall on charges related to project reviews. The
division’s total revenues for the quarter fell slightly to €1.27bn from €1.35bn
a year earlier.
Siemens as a whole fared little better, with its power generation and
transportation systems divisions also posting losses. Reported profits were
€2.9bn for the quarter, down from €3.3bn year-on-year, despite revenues rising
from €36.5bn to €38.6bn in the same period.
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