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Siemens' net profit falls 17 per cent

Tougher economic times have meant Industrial equipment maker Siemens AG's net profit fell 17 per cent to 1.457 billion euros ($A1.81 billion).

Industrial equipment maker Siemens AG says net profit fell 17 per cent to 1.457 billion euros ($A1.81 billion) as project delays held down profits and the uncertain global economy cut into order volume.

Revenue grew three per cent to 17.9 billion euros ($A22.23 billion).

The Munich-based company on Tuesday said it took 203 million euros ($A252.06 million) in charges from a delay in getting permission to connect offshore wind farms to the power grid in Germany.

New orders slipped five per cent. The company said higher research and investment costs also reduced profit.

Siemens' products include trains, power generators and transmission equipment, and medical diagnostic machines.

Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.

More about: Siemens

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