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Business

Siemens logs profit on restructuring effort

German technology giant Siemens has been able to considerably increase its profit in the fiscal year ending September. The company is beginning to reap the fruits of its radical restructuring drive.

Siemens' recent business reorientation saw the German company log a 34-percent jump in bottom-line profit in its 2014/2015 fiscal year ending September, the Munich-based firm reported Thursday.

The company booked 7.4 billion euros ($7.9 billion) in net earnings for the full year, helped in no small way by the sale of its home appliances and hearing aid businesses.

In mid-2014, Siemens

launched a radical restructuring campaign,

reducing its divisions from 16 to just nine in a bid to focus on the most profitable segments and make the company leaner. The firm continues to produce power station and wind turbines, trains and medical technology.

Shareholders to profit

"We have delivered what we promised," CEO Joe Kaeser said in a note to shareholders. "We're well positioned to meet our targets in the new year too."

The company announced it would pay out a dividend of 3.50 euros per share certificate, a 20-euro-cent increase over the previous business year.

Kaeser also said Siemens would set aside up to 3 billion euros over the next three years to buy back shares.

hg/pad (Reuters, dpa)

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