Siemens in the second quarter (January 1 to March 31) of fiscal 2004

Net income was €1.210 billion, up strongly from €568 million in the second fiscal quarter a year ago.

Net income was influenced by a pre-tax gain of €590 million on the sale of shares of Infineon Technologies AG, a goodwill impairment of €433 million related to Siemens Dematic (SD), and a reversal of €246 million in deferred tax liabilities arising as a consequence of the Infineon share sale. Excluding these effects, net income was €807 million, up 42% year-over-year.

Group Profit from Operations was €1.076 billion, level with the prior-year period despite a loss of €289 million at Transportation Systems (TS) due to significant charges in its rolling stock business.

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