Siemens, a global technology leader, revealed that large orders in Europe and the Americas have driven the company's third-quarter 2016 orders up 6 per cent year-over-year to €21.1 billion ($23.3 billion).

The revenues for the quarter was 5 per cent higher at €19.8 billion ($21.95 billion).

Excluding currency translation effects, orders rose 10 per cent and revenue were 9 per cent higher, said a statement from Siemens.

Industrial business profit rose by 20 per cent year-over-year, to €2.2 billion ($2.44 billion); significant margin expansion took industrial business profit margin up to 10.8 per cent, it said.

Additionally, the net income of €1.4 billion ($1.5 billion) was level with the prior-year quarter which benefited from favourable interest rates within continuing operations and positive tax effects within discontinued operations; basic earnings per share (EPS) was €1.64 ($1.82) compared with €1.65 ($1.83) in Q3 FY 2015.

Joe Kaeser, president and chief executive officer of Siemens AG, said: “We are making good progress with the execution of Vision 2020 and in the third quarter again achieved convincing results, particularly compared to the market.”

“I am proud of my global team which delivered excellent performance, especially with regard to growth, in an increasingly difficult market environment,” he added. – TradeArabia News Service