Siemens sees slump in fossil-fuel power generation

FRANKFURT — Industrial equipment maker Siemens saw profit rise in the first three months of the year as the company booked a one-time gain related to pensions while profits from its factory digitalization business helped offset sagging results from fossil fuel power generation.

Net profit rose 39 per cent to 2.02 billion euros ($2.39 billion) from 1.45 billion euros in the year-earlier quarter, the company’s fiscal second.

Revenue was flat at 20.1 billion euros after exchange rate shifts took 6 per cent off. Orders slipped 2 per cent to 22.3 billion euros.

Profit slumped 74 per cent at the power and gas division, but jumped 40 per cent at the digital factory division. The company booked a one-time gain of 900 million euros by transferring shares in IT firm Etos SE to its pension fund.