Siemens 3Q `unsatisfactory'

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BERLIN-Siemens AG posted a third-quarter net profit of $1.4 billion, enhanced by its transfer of stake from its semiconductor company Infineon to its pension fund.

Excluding exceptional items or money spent on Infineon, the company posted a $430 million loss.

“Our third-quarter results are unsatisfactory,” said Heinrich von Pierer, Siemens chief executive. “Over the coming weeks, we will define further measures to improve our results, particularly at information and communications networks.”

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