Siemens report strong profits

German energy and industrial group Siemens has reported an increase in first half net income of 17 per cent to DM1.39bn ($760m). Siemens` KWU division, stimulated by growth in the US market, was one of the main drivers of the growth.

Turnover at group level also rose by 17 per cent to DM61.2bn, and increased by 23 per cent outside Germany and by 5 per cent on the domestic market. Orders rose by 10 per cent. Both new orders and sales were affected by changes in the group of consolidated companies, particularly of the Westinghouse power plant business.