FRANK­FURT

The Pak Banker - - COMPANIES/BOSS -

Siemens posted a 23 per­cent drop in quar­terly new or­ders, steeper than ex­pected, as cus­tomers wary of Europe's debt cri­sis in­creas­ingly re­frained from mak­ing in­vest­ments.

Europe's big­gest en­gi­neer­ing con­glom­er­ate said or­der in­take-a barom­e­ter of fu­ture sales-de­clined to 17.8 bil­lion eu­ros ($21.58 bil­lion) in its fis­cal third quar­ter, miss­ing a 19.5 bil­lion euro av­er­age es­ti­mate in a poll.

Profit at Siemens' In­dus­try sec­tor, usu­ally the first of its busi­nesses to suf­fer in an eco­nomic slump, de­clined 26 per­cent to 523 mil­lion eu­ros, be­low the most pes­simistic an­a­lyst and miss­ing con­sen­sus of 619 mil­lion eu­ros.

The In­dus­try sec­tor-the bread and but­ter of Siemens-has been the worst-hit of its four seg­ments as de­mand declines for a range of prod­ucts rang­ing from elec­tric drive sys­tems as well as con­trol ma­chin­ery for fac­tory assem­bly lines and amuse­ment park rides.

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