January 31, 2018 / 6:01 AM / a year ago

Siemens Q1 profit dips on Power and Gas business declines

MUNICH, Jan 31 (Reuters) - German engineering group Siemens posted a 14 percent decline in quarterly industrial profit as it struggled with continued weak demand from the power and gas sector and ramped up investments in its flagship factory software.

Industrial profit came to 2.21 billion euros ($2.75 billion)in the fiscal first quarter to end-December, the trains-to-turbines group said on Wednesday, which compares with consensus for 2.19 billion in a Reuters poll of analysts.

Sales rose 3 percent to 19.82 billion euros, while new orders jumped 14 percent to 22.48 billion euros.

Analysts had forecast sales of 19.87 billion and orders of 20.81 billion euros.

Profit from the industrial business took a hit from a near halving of profits at the Power and Gas division, Siemens said. ($1 = 0.8048 euros) (Reporting by Georgina Prodhan and Edward Taylor; Editing by Maria Sheahan)

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