Frankfurt am Main — German industrial behemoth Siemens reported a leap in profits in its 2016-17 financial year, meeting its own forecasts as the group continues a long-term restructuring. Net profits at the group, whose products range from wind turbines to trains to medical equipment, grew to ¤6bn ($7bn), up 11% compared with the previous year. Operating, or underlying profit grew 12% year on year, to ¤8.3bn, while revenues added 4.3% to top ¤83bn. CEO Joe Kaeser praised the “excellent results” in a statement, but warned that “we have to tackle structural issues in some individual businesses” in the coming year. The group’s power and gas division, which makes the turbines and generators at the heart of fossil-fuel plants, saw lower profits as prices fell and the unit saw fewer new orders. Profits also fell at the group’s wind-power unit, which merged with Spain’s Gamesa earlier this year and announced some 6,000 job cuts on Monday, despite increasing orders. Meanwhile other divisio...
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