People covered with umbrellas walk next to a Siemens building in Munich in this file picture. Photograph: Reuters

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