Siemens experienced a loss of 1.5 billion in the second quarter. EUR net loss

Photo by Arnd Wiegmann (Reuters / Scanpix).

German industrial conglomerate Siemens announced on Thursday that it will experience a large net loss for the second quarter of the year, which is mainly related to the company’s former energy division.

In the months of April, Siemens experienced 1.5 billion EUR ($1.5 billion) net loss.

Last year, in the same period, the company registered 1.5 billion. Profit of EUR

The devaluation of the Siemens Energy share package resulted in a loss of 2.7 billion. EUR and factors related to the Russian market, the total amount of which reaches 0.6 billion. Eur, Siemens said in a statement.

The shares of Siemens Energy, which was separated from its subsidiary Mons in 2020, have fallen by about 25% since the beginning of the year.

Siemens Energy will face the challenges of its unit Siemens Gamesa, which has failed to perform well despite growing demand for renewable energy.

Siemens, which manufactures various products: from trains to factory contracts, saw its revenue grow by 11% to 17.9 billion per year. Eur, and the boom was observed all over the world.

In particular, the division of digital industry, which includes factory automation, stands out, sales of which increased by 18% to 4.9 billion. Eur. The better performance results were achieved despite the unrest caused by the Russian invasion of Ukraine, rapidly increasing inflation and persistent supply chain bottlenecks, which began in the wake of the spread of the coronavirus around the world.

The Munich-based group managed to avoid major disruptions related to risks posed by supply chain disruptions, the statement said.

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Siemens, whose financial year runs from October to September, said it continued to expect a profitable 12-month period, but lowered its forecasts, taking into account the reduction in the value of the stake in Siemens Energy.

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