Static start for Siemens grids
Energy management unit reports falling orders for HV projects and transformers
Revenue and profit from Siemens energy management business remained static in the first quarter of the 2018 financial year, on a par with the figures reported in the same period of 2017.
Revenue stood at €2816m this year, compared with €2808m last year, while profit was €187m down 1% from €189m in 2017.
Orders were down 6% to €2895m in the latest period, from €2990m in the previous year.
Siemens said it had had lower volume from "large orders", particularly in the transmission solutions business, as well as declining orders in the high voltage projects and transformer sectors.
The declines came mainly in Europe, Africa and Middle East, the company said.
Revenue growth came primarily from increases in the medium and low-voltage product businesses, it added.
Overall, Siemens reported orders up 14% to just under €22.5bn in the first quarter, from just over €19.7bn last year.
The company said the order growth was "driven mainly by portfolio effects at Siemens Gamesa Renewable Energy".
The company's total revenue in the latest period grew 3% to over €19.8bn from just above €19.2bn.