Mixed offshore fortunes for Siemens in Q1

Return to profit for wind division, but €28m grid charge

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The power transmission business within Siemens’ giant energy division recorded a €28m charge during the first quarter (Q1). Most of this was linked to much-delayed German offshore wind grid connection projects.

Poor margins on these North Sea projects were another factor in the power transmission business unit’s €16m loss in Oct-Dec 2012. This was a better result than the same period a year earlier, when its loss was €145m. Siemens says it expects its power transmission business to face "continuing challenges".

More positive was news that Siemens’ wind energy business unit returned to profit and recorded 27% revenue growth, bringing in a total of €1.1bn. One factor in the profit rise was settlement of a legal claim related to an offshore wind farm.

Siemens Energy as a whole generated €6.3bn in revenue and €567m in profit during Q1.

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