One of Germany’s biggest engineering group Siemens announced its quarterly results, reporting a growth of 17 percent in profits beating analyst’s expectations; which the group attributed to strong demand from emerging markets.
Profit from continuing operations was recorded at €1.79 billion (£1.53 billion, $2.44 billion) in the quarter, between October and December. Revenue for the period was up 12 percent over same period last year and was recorded at €19.49 billion. Siemens has a major export market in the BRIC economies of China, India, Russia and Brazil.
Due to strong demand from outside the eurozone, German manufacturing grew the fastest in November in the last ten months.
Siemens CEO Peter Loescher said: “Orders and revenue grew in all regions, particularly in emerging markets”. Orders from the emerging economies contribute nearly one third of the group’s overall revenues and has grown by 31 percent in the year, he added.