(Adds outlook for 2008, more expenses on compliance)
MUNICH (Thomson Financial) - Siemens AG today reported a fourth-quarter net loss of to 74 mln eur, compared with a year-earlier profit of 148 mln eur in the year-earlier period, due to a 1 bln eur tax expense related to the VDO sale.
Analysts polled by Thomson Financial News had forecast an average net profit of 650 mln eur.
The year-earlier figures were adjusted, also taking into account the sale of the VDO unit to Continental AG.
Group profit from operations came in at 1.990 bln eur, compared with 749 mln in the same period of the previous year and above the 1.785 bln eur analyst forecast.
The company reported an increase in sales to 20.201 bln eur, compared with last year's 18.471 bln eur.
In addition, Siemens said it found additional questionable payments of 857 mln eur from 2000 to 2006, which are not coming from its former Com unit.
Moreover, the company posted an additional income tax expense of 339 mln eur due to compliance as well as 159 mln eur on external compliance consultants.
Siemens also gave an outlook for the financial year 2008.
'Specifically, we anticipate volume growth that is twice as high as the rate of global GDP, and that our company's operating profit will grow at least twice as fast as our volume,' chief executive Peter Loescher said.
The term 'volume' is defined by 'new orders plus revenue divided by 2'. christoph.steitz@thomson.com cs1/lam/cs1/lam COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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