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First profit in a year for Siemens

But more jobs may have to go...

By Heather McLean

Published: 23 January 2002 11:50 GMT

Siemens has posted a first quarter net profit after three quarters of losses, following savings made by recent job cuts at its mobile division.

For the first quarter ending 31 December the company posted net income of E538m ($477m), compared to a loss from its fourth quarter of E1.1bn (£660m).

Siemens turnaround was boosted in part by the E157m (£96m) sale of shares in chip manufacturer Infinion, and analysts warned that at an operating level the results were below expectations.

The mobile phone division was hit hard, operating profits dropped down to E37m (£23m) from E219m (£136m) over the first quarter as mobile phone prices fell.

However, the German electronics and engineering company said more jobs may go from its networking unit.

The networking unit - particularly the US operations - is undergoing a restructuring review after posting a E124m (£76m) loss in the first quarter.

Siemens' shares rose four per cent on the news.

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