Siemens' quarterly profits drop

Siemens chief executive Peter Loescher Siemens chief executive Peter Loescher expects the firm to meet its own targets this fiscal year

Siemens, the German industrial giant, has reported a decline in quarterly profits, adding it expects no help this year from the weak global economy.

For the three months to December, net income fell 12% to 1.2bn euros ($1.6bn; £1bn) from the same period a year earlier due to a 150m-euro loss in its solar power business.

But revenue rose 2% to 18.1bn euros.

"In an uncertain economic environment, we got off to a solid start in fiscal 2013," it said.

Peter Loescher, chief executive of Siemens, said: "For the rest of the year, we don't expect any tailwinds from the global economy to help us reach our ambitious goals."

Siemens said new orders had fallen as a result of the "macroeconomic uncertainty that affected investment sentiment".

Emerging markets grew 4% year-on-year, accounting for 5.98bn euros, or 33%, of its total revenue for the quarter. The firm added that growth in the Americas had offset declines in Europe

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