Germany’s Siemens reports 4th-quarter net loss of $1.65 billion, powered by write-down

Siemens reports 4Q net loss of $1.65 billion

FRANKFURT — Germany’s Siemens AG has reported a net loss for its fiscal fourth quarter of €1.1 billion ($1.65 billion), caused mostly by a write-down on its Nokia Siemens Networks business.

The industrial conglomerate’s loss for the three months that ended Sept. 30 compares with a wider loss of €2.4 billion a year earlier.

Siemens said Thursday that fourth-quarter revenue was down more than 9 percent to €19.7 billion from €21.7 billion a year earlier.

Siemens said it anticipates that conditions in the manufacturing sector and world financial markets will remain challenging in the current fiscal year.