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Siemens sees higher 2016 earnings after Q4 beat

[BERLIN] Germany's Siemens reported a 9 per cent rise in quarterly profit from its industrial business, beating forecasts as its power and gas division did better than expected.

The company exceeded its industrial profit margin target of 10-11 per cent with a result of 11.3 per cent in its fourth quarter to the end of September, and renewed the goal for the current year on Thursday.

Europe's biggest industrial company said earnings per share should rise at least 14 per cent this fiscal year on a comparable basis, with moderate growth in revenue excluding currency effects and orders exceeding revenue.