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Siemens speeds cost-cutting, beats Q2 profit forecasts

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German industrial group Siemens beat expectations for second-quarter profit as it accelerated a cost-cutting programme and lifted its savings target for the year on Wednesday.

[FRANKFURT] German industrial group Siemens beat expectations for second-quarter profit as it accelerated a cost-cutting programme and lifted its savings target for the year on Wednesday.

Siemens said it now expected savings of 850 to 950 million euros (S$1.32 billion to S$1.48 billion) for its financial year to end-September, versus its previous target of 800 to 900 million.

The Munich-based trains-to-turbines group reiterated its full-year targets of an industrial profit margin of 10-11 per cent and earnings per share of 6.00 to 6.40 euros.

REUTERS