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Dec 13, 2007 19:00 EEST
ZAGREB (Croatia), December 13 (SeeNews) – Croatian electrical equipment producer Siemens d.d. Hrvatska, a subsidiary of German giant Siemens, said on Thursday that its revenue and profitability fell in its fiscal year 2007 that ended on September 30 following a consolidation of its structure that included the sale of some divisions.
Earnings before interest and tax (EBIT) fell to 120.6 million kuna ($24 million/16 million euro) from 124.4 million kuna, while total revenue fell to 1.595 billion kuna from 1.655 billion a year earlier, Siemens d.d.’s CEO Uwe Gregorius told a news conference.
The lower results reflect the consolidation that was applied by the global company to its local subsidiary and globally reduced investments in telecommunications industry, he added. In Croatia, some divisions like Siemens Enterprise Networks, Siemens VDO and Siemens Home& Office Communications Devices were split from Siemens d.d. and sold to partner companies.
“We target 10% growth in revenue next year, or twice as fast as the country’s projected economic growth,” he told SeeNews after the conference. Profitability should also improve, he said, but declined to give a forecast. “We expect the highest growth next year in the segments of industry and energy, amid strong demand for energy and environmental issues and the necessity to work on improvement of the quality of water,” he said.
The company does not disclose net profit figures.
During the last fiscal year, new orders rose to 1.660 billion kuna from 1.629 billion, while exports rose 15% to 429 million kuna. All of the released results are only for Siemens d.d. and do not include a number of joint ventures of Siemens in Croatia.
Within Siemens d.d., the health sector reported the strongest revenue growth, of 40%, the energy sector 22% and industry sector 14%.
By revenue, the telecommunications sector had the largest share, 41%, followed by information technology with 17%, energy with 11% and industrial solutions sector with 9.0%.
Some of its main clients last year were wireless operator T-Mobile, oil pipeline operator Janaf, commercial bank Erste&Steiermaerkische Bank and several hospitals.
Siemens d.d. shares closed unchanged at 1,300 kuna on the Zagreb Stock Exchange in low turnover.
(1 euro=7.3150 Croatian kuna)
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