Siemens sees up to 20pc drop in business in 3 months

6 July, 2020 12:00 AM printer

FRANKFURT: German engineering company Siemens saw the volume of business contract by as much as 20 per cent in the three months to June and activity in 2021 would stay below 2019 levels, the chief financial officer told Boersenzeitung (BoeZ).

Ralf Thomas told Saturday’s edition of the newspaper that the company’s financial third quarter, which runs April to June, “will be a big challenge for us, as for most other market participants as well” due to the coronavirus crisis, report agencies.

“However, it will not be a bottomless fall,” he said, adding that the business volume of short-cycle activities had likely contracted by between 10 per cent and 20 per cent in the period.