Siemens posts first quarterly loss in 12 years

STORY: Siemens posted its first quarterly loss in nearly 12 years on Thursday (August 11).

The German engineering group took a $576 million hit for leaving Russia.

It also saw a non-cash charge of around $2.8 billion for writing down the value of its stake in Siemens Energy.

Such hits pushed Siemens into an overall net loss of just over $1.7 billion.

Despite that, the firm said it saw strong industrial demand during the third quarter.

It reported higher revenue for the three months to the end of June.

Orders also rose, up 7% to $22.8 billion.

In factory automation, orders were up by a fifth compared to a year before.

Higher costs for components and logistics were also being passed onto customers.

Siemens shares were down 1.5% in early trade.