German industrial giant Siemens has warned that tough global economic conditions mean that its 2009 profit target is now 'clearly ambitious'.
For its financial year to September 2009, Siemens is aiming for operating profit of €8-8.5 billion and for sales growth at twice the rate of global output expansion.
The Munich-based firm, which makes everything from trains to nuclear power stations, reported a net loss for its fourth quarter to September of €2.4 billion.
The result was pulled down by a €1 billion provision for legal costs, losses from discontinued businesses and other factors, it said.
Sales rose 7% to €21.7 billion and orders were up 4% but operating losses from continuing businesses were €1.3 billion.
