IT lets Siemens down

IT and Services division was the weakest link in the first quarter of financial 2008

Siemens: Flat growth in the IT division

Engineering giant Siemens posted positive financial results for the first fiscal quarter of 2008, but revenue from the IT Solutions and Services (SIS) division remained flat.

Overall revenues grew by 10 per cent to E18.4bn (£13.7bn) year on year, with operating profit up 16 per cent to E1.7bn (£1.3bn).

External revenues for SIS remained flat at E1bn (£0.75bn), very different from the double-digit profit growth attributed to other Siemens divisions such as Automation and Drives, Industrial Solutions and Services and Power Transmission and Distribution.