Stronger euro hits sales at SiemensComment on this story
Frankfurt, Germany - Industrial equipment maker Siemens AG says quarterly net profit rose 20 percent as the company moved past one-time charges and pressed ahead with its cost-reduction program.
Net profit rose to 1.46 billion euros ($2.0 billion) from 1.21 billion euros in the fourth quarter of 2013, the company's fiscal first quarter.
But a stronger euro and slower demand in emerging markets hurt revenues.
They were down 3 percent at 17.325 billion euros.
The Munich-based company also said it was withdrawing its listing on the New York Stock Exchange.
It says the US accounted for less than 5 percent of its global trading volume and that ending the listing would simplify financial reporting.
Siemens has traded as ADRs, or American Depositary Receipts. - Sapa-AP