Siemens books big Egypt order, underlying profit jumps
Swedish telecom company Ericsson's President & CEO Hans Vestberg gestures at a presentation of the interim financial report on Thursday April 21, 2016. Networks maker Ericsson's profits jumped 49 percent in the first quarter but the results were lower than expected and the company announced a shakeup of its leadership structure to drive growth. The Stockholm-based company on Thursday reported a net profit of 1.97 billion kronor ($244 million), up from 1.4 billion kroner, mainly due to cost cuts. (Christine Olsson / TT via AP) SWEDEN OUT

FRANKFURT, Germany: Industrial equipment maker Siemens AG reported net profit fell in the most recent quarter due to large one-time gains in the year earlier period.

But the company’s figures out Wednesday beat analyst estimates, and underlying industrial profit grew 28 percent, to 2.1 billion euros ($2.4 billion), with one-time effects tossed out.

The Munich-based maker of trains and power stations said that orders grew 7 percent to 22.3 billion euros, boosted by a 3.1 billion euros order for power plants in Egypt.

Net profit fell to 1.5 billion euros from 3.9 billion euros in the January-March quarter last year, when the company booked 3.0 billion euros in gains from selling its hearing aid business and a stake in a home appliances company. Net profit beat estimates of 1.1 billion euros.

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