Turnover down 60% at Irish subsidiary of Siemens

Turnover at Siemens Limited, the Irish arm of Europe's biggest industrial group, fell by 60 per cent last year due to a fall in sales relating to wind farm projects.

Newly filed accounts for the company, whose activities are the development, installation, distribution and servicing of engineering products and services, show revenue totalled €79.6 million for the 12 months ending September 2015. This compares with a €195 million profit a year earlier.

The turnover figure includes €23 million from Siemens Healthcare business, which was carved out into a new business last year.

Pretax profit

Siemens reported a €2.4 million pretax profit, as against a €1.9 million profit in 2014. Operating profit totalled €2.6 million, up 16 per cent compared with the €2.27 million reported a year earlier.

The company employed 213 people locally had staff cost that totalled €19.4 million.

The history of Siemens in Ireland dates back to 1874, when it was involved in the first direct transatlantic telegraph cable, which was laid from Ballinskelligs Bay in Co Kerry to Nova Scotia.

Siemens Limited was formed as a registered company in Ireland in 1925 and has been involved in many key infrastructure projects, beginning with the Shannon hydroelectric power scheme in 1926. More recent projects include the design and construction of the baggage-handling system for Dublin Airport’s second terminal.

The Siemens group, which is headquartered in Munich in Germany, reported revenue of €75.6 billion for the year ending September and net income of €7.4 billion.