Siemens cuts down losses

MUMBAI, May 26: Siemens has recorded a loss of Rs 12.9 crore in the first six months of the fiscal year 1997-98 as compared to a loss of Rs 60.8 crore suffered in the same period of the previous fiscal. The turnover declined to Rs 512.1 crore as compared to Rs 576.1 crore recorded in the same period of last fiscal.

The gross profit was Rs 37.3 crore as compared to a loss of Rs 22.5 crore recorded in the same period of last fiscal. The company said that its order book declined by 26 per cent to Rs 420.6 crore as compared to Rs 565.1 crore recorded in the corresponding period of the previous year.

It said losses came down due to the ongoing four-point programme for turnaround related to improving cost structure, reviewing business portfolio, re-structuring balance sheets and asset disposal and focus on HRD.