Resurgent Iran prospects lift Siemens results
May 4 Siemens revised upwards its valuation of its backlog of orders from Iran on Wednesday, citing resurgent business prospects in the country following the easing of international sanctions. The German industrial group, present in Iran since it built the Indo-European telegraph in the 19th century, said the revaluation had boosted second-quarter revenue by 174 million euros ($200 million) and profit by 130 million euros. "This is a one-off effect due to the resurgence of business expectations," Chief Financial Officer Ralf Thomas told ...
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