SIEGY - Siemens sees Euro2.8B hit to Q3 net profit from Siemens Energy writedown

Siemens ( OTCPK:SIEGY ) said Thursday it expects to book a ~€2.8B impairment ($2.92B) against Q3 net income on its 35% investment in Siemens Energy ( OTCPK:SMEGF ), whose market value has dropped significantly below the book value.

Analysts had expected Siemens ( OTCPK:SIEGY ) to post a €1.5B net profit in its Q3, which ends today, according to Reuters.

Siemens Energy ( OTCPK:SMEGF ) has suffered a difficult two years since its separation, with executives voicing disappointment with the company's performance, particularly at its Siemens Gamesa wind turbine unit.

Siemens ( OTCPK:SIEGY ) said Q3 results will be released on August 11, when it will elaborate on "their consequences on the outlook for the current financial year."

Earlier this week, Siemens ( OTCPK:SIEGY ) said it would invest $100M-plus in Volkswagen's U.S. electric vehicle charging network .

For further details see: