Siemens posts Rs 2 cr loss in June quarter due to Covid-19 disruptions

Siemens on Friday reported a consolidated net loss of Rs 1.9 crore for June quarter 2020 mainly due to lower revenues in view of the Covid-19 pandemic.

In the year-ago period, the company logged a profit of Rs 250.1 crore, a BSE filing said.

Total income in the quarter declined to Rs 1,417.9 crore from Rs 3,300 crore in the same period last year.

The company follows October-September as financial year.

Revenue during the quarter fell 59.5 per cent to Rs 1,260 crore from Rs 3,110 crore in the year-ago period, driven by the closure of all factories and project sites on account of Covid-19.

This also resulted in a standalone net loss of Rs 5 crore in June quarter compared to profit after tax of Rs 248 crore in the year-ago period.