Wind and Renewables Bring Siemens EUR 72 Million Quarterly Profit

Business & Finance

Berlin-headquartered conglomerate Siemens AG saw its bottom line for the fourth quarter of 2015 boosted by EUR 72 million net profit recorded in the company’s wind power and renewables arm.

Siemens added EUR 2.716 billion of new orders through the wind power and renewables department in the quarter ended September 30, a 50% increase compared to EUR 1.81 billion in new orders recorded in Q4 2014.

The boosted orderbook was chalked up to a higher volume of large orders, including a EUR 1.2 billion order for an offshore wind farm in Germany.

Siemens’ renewables division managed to stay in the black despite posting an 8% decrease in revenue, which dipped from EUR 1.64 billion in the fourth quarter of 2014, to EUR 1.5 billion in Q4 2015.

The decline in the quarterly revenue was attributed to a weaker performance of the company’s onshore-related business, which was partially offset by the improved service sector.

Siemens says that the division’s ”profitability reflects the revenue decline, as well as reduction in offshore margins due in part to increased competition.”

Image: Siemens