Siemens records higher than expected profits

Siemens records higher than expected profitsSiemens has said that it has recorded a higher than expected profits due to increased demand for infrastructure during the three months till the month of December.

The Munich-based company said in a statement today that its income from continuing operations rose 21 percent to 1.39 billion euros or about $1.9 billion during the three months. The average estimate of analysts surveyed by Bloomberg was at 1.33 billion euros for the company for the quarter.

The company has also said that it is planning to scrap its listing on the New York Stock Exchange in order to cut costs and reduce the complexity of reporting results. Joe Kaeser, who became chief executive officer in August, took over from Peter Loescher. Loescher had said that the company is not likely to meet its goal for 2014 profit to rise to 12 per cent of sales. The company is planning to reduce 6.3 billion euros from costs within this financial year.

The company also said that its Siemens' power transmission business recorded tis first loss due to continuing project execution challenges across markets.