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| Version 1 | Version 2 |
|---|---|
| Siemens, Volkswagen and BASF see shares fall | Siemens, Volkswagen and BASF see shares fall |
| (about 6 hours later) | |
| Several German industrial giants have seen their share prices fall after reporting disappointing results. | Several German industrial giants have seen their share prices fall after reporting disappointing results. |
| Siemens, Europe's largest engineering conglomerate, reported a drop in third-quarter profits, sending shares down 0.8%. | |
| Chemical firm BASF and carmaker Volkswagen also saw their stocks drop. | Chemical firm BASF and carmaker Volkswagen also saw their stocks drop. |
| The share-price falls helped pushed down the benchmark Dax index of the 30 biggest stocks in Germany. The Dax fell 0.8%, or 56.74 points, to 7,195.94. | |
| Stocks across Europe were lower on fears of the health of the US economy and also concerns over whether the US will reach a political deal to pay its debts. | Stocks across Europe were lower on fears of the health of the US economy and also concerns over whether the US will reach a political deal to pay its debts. |
| 'Challenging' environment | 'Challenging' environment |
| Siemens said its third-quarter net profit from continuing operations had fallen 47% to 763m euros ($1.11bn, £673m) from the same period a year earlier- below the 1bn euro profit many analysts had expected. | Siemens said its third-quarter net profit from continuing operations had fallen 47% to 763m euros ($1.11bn, £673m) from the same period a year earlier- below the 1bn euro profit many analysts had expected. |
| Much of the decline came from the healthcare division, which makes products such as MRI machines and radiation equipment. | Much of the decline came from the healthcare division, which makes products such as MRI machines and radiation equipment. |
| "The business environment for healthcare remained challenging," Siemens said. | "The business environment for healthcare remained challenging," Siemens said. |
| VW, Europe's biggest carmaker, said its net profit for the first six months of the year rose three-fold to 6.5bn euros. | VW, Europe's biggest carmaker, said its net profit for the first six months of the year rose three-fold to 6.5bn euros. |
| However, it added that higher commodity prices would "weaken the volume effect" over higher sales for 2011, sending shares down 4.3%. | |
| Meanwhile, BASF shares fell 4.4% after it reported a 22%-increase in second-quarter net profit to 1.45bn euros, but added that high oil prices were weighing on new orders. | |
| "We continue to be concerned about the development of the euro as well as the debt situation in some European countries and the United States," BASF chief executive Kurt Bock said. | "We continue to be concerned about the development of the euro as well as the debt situation in some European countries and the United States," BASF chief executive Kurt Bock said. |
| Rival Bayer said its second-quarter net income rose 41% to 747m euros and confirmed "the full-year sales and earnings forecast that we raised in April". | Rival Bayer said its second-quarter net income rose 41% to 747m euros and confirmed "the full-year sales and earnings forecast that we raised in April". |
| However, its revenues of 9.25bn euros fell short of analysts' forecasts, and Bayer's shares fell 1.1%. | |
| Shares in Lufthansa declined 3% after it warned of high oil prices and "competitive pressure in certain markets". | |
| The German airline, which owns the brands Swiss, Austrian and BMI, said its net income rose 55% to 301m euros for the April-to-June period. | The German airline, which owns the brands Swiss, Austrian and BMI, said its net income rose 55% to 301m euros for the April-to-June period. |