FRANKFURT: Industrial machinery maker Siemens saw net profit fall sharply after being hit with an arbitration award for leaving its nuclear joint venture with Areva SA.
Earnings for the quarter that ended June 30 fell to €501 million ($719 million) from €1.4 billion in the year-earlier period.
Revenue rose 2.4 percent to €17.844 billion.
The company took more than a billion euros in one-time charges — €682 million for the Areva breakup and €382 million for the fallen value of one of its medical equipment businesses.