November 14, 2018 / 6:56 AM / a month ago

Alstom posts higher profits, hopes to close Siemens deal in H1 2019

PARIS, Nov 14 (Reuters) - French train manufacturing and rail services group Alstom, which is merging with Germany’s Siemens, posted higher interim profits and reiterated it expected to close the Siemens deal in the first half of 2019.

Alstom said first-half net profits had surged to 563 million euros ($636 million) from 177 million euros a year earlier, buoyed by new contracts such as the ones in Dubai and Mumbai.

Last year, Siemens and Alstom agreed to merge their rail operations, creating a European champion to challenge the advance of China’s state-owned CRRC, although the deal is facing regulatory scrutiny. The French company reiterated it expected to complete the Siemens deal in the first half of 2019 after getting clearance from European anti-trust authorities.

“Alstom and Siemens continue to work constructively with the European Commission to explain the rationale and the benefits of the proposed combination. Alstom and Siemens will now discuss the specific concerns of the Commission and will ensure that they are addressed in a timely manner,” said Alstom.

$1 = 0.8855 euros Reporting by Sudip Kar-Gupta; Editing by Inti Landauro

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