German industrial conglomerate Siemens reported higher revenues and orders in its Siemens Healthcare division, but the Erlangen, Germany-based group posted lower profit in the company's first fiscal quarter of 2011 (end-December 31).
Siemens Healthcare's total revenues increased 11% to 3.1 billion euros ($4.3 billion U.S.), compared with 2.8 billion euros ($3.9 billion U.S.) in the first quarter of fiscal 2010.
The company's profit slipped by 23% to 381 million euros ($518 million U.S.) in the first quarter, compared with 499 million euros ($678 million U.S.) in the same quarter a year ago. The lower profit is due to what the company called "higher functional costs" compared to last year's numbers; these included charges to complete particle therapy contracts and a special employee remuneration allocation, as well as lower profits in its Diagnostics business.
Siemens' new orders increased 10% to 3.2 billion euros ($4.3 billion U.S.) in the first fiscal quarter, compared with 2.9 billion euros ($3.9 billion U.S.) in the same quarter of fiscal 2010.
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