Provisioning trims Q2 net profit

MUMBAI: Siemens on Friday said its fiscal second quarter net profit fell sharply due to a one time provision for anticipated losses on certain large projects.

About 70% of total losses are due to a combination of factors like poor quality of sub contractors and a sharp rise in costs, said MD Armin Bruck.

Siemens��� standalone net profit in the January-March period totalled Rs 1.6 crore against Rs 108 crore in the previous year, while revenue was flat at Rs 2,142 crore.

Last year the revenue was Rs 2,129 crore. Its total expenditure stood at Rs 2,154 crore ��� rise of 8.8% compared to last year.