Siemens in the black

BANGALORE: Siemens Ltd. has reported a net profit of Rs 35.12 crore for the year ended September 30, 1999 as against a loss of Rs 56.02 crore in the previous year. "The positive results are a reflection of the success of the restructuring strategy undertaken by the company,'' Siemens Ltd. Managing Director J. Schubert said. According to him, the rise in earnings was a result of sound asset management, improvement in cost efficiencies, better productivity and volume improvement program. He also added that the task of restructuring the company was not yet over.

For the year ended September 30, 1999, Siemens reported a rise of 5.5 per cent in turnover at Rs 1,050.59 crore as against Rs 995.93 crore in the corresponding period last year. Lease and other income increased to Rs 64.18 crore from Rs 52.52 crore last year. Total expenditure was higher at Rs 1,023.52 crore from Rs 968.07 crore last year. Interest cost declined to Rs 27.82 crore against Rs 46.60 crore last year. Depreciation was lower at Rs 35.81 crore against Rs 47.28 crore last year. Tax adjustment was Rs 2.98 crore against Rs 9.34 crore last year. Mr. Schubert said the company received new orders valued at Rs 1,274 crore as compared to Rs 838 crore, representing an overall increase of 52 per cent over the corresponding period last year.