Siemens in solar panels setback

25 Jan. 2013 by

THE INDEPENDENT - Siemens, the German industrial giant, reported a 12 per cent slump in profits for the fourth quarter of 2012 and warned that the economy was set to remain weak this year.

The German industrial bellwether had a €1.2bn (£1bn) profit for the three months to 31 December, which was dragged down by a €150m loss at its solar panels-making business, which saw increased competition from Asia as global demand fell.


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