Siemens posts loss as energy spin-off struggles

German industrial conglomerate Siemens said on Thursday it had made a significant net loss as it counted the cost of struggles at its former energy unit.
Between April and June, Siemens recorded a net loss of €1.5 billion, after a mirror €1.5 billion profit in the same period last year.
The loss was due to a €2.7 billion devaluation of the group’s “stake in Siemens Energy and Russia-related impacts totalling €0.6 billion”, Siemens said in a statement.
The loss was due to a €2.7bn devaluation of the group’s “stake in Siemens Energy and Russia-related impacts totalling €0.