Siemens new orders fall

MUNICH: Engineering conglomerate Siemens reported a sharp decline in quarterly operating profit as the global recession took a hefty toll on the German group's bread-and-butter industrial activities.

Siemens said operating profit at its energy, healthcare and industry businesses fell 21 percent to 1.67 billion euros ($2.36 billion) in its fiscal third quarter to the end of June, still beating market forecasts.

But new orders, a keenly watched barometer for future sales, fell a worse-than-expected 28 percent to 17.16 billion euros.