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Siemens Hungary profit jumps 77% in 2010/11 business year

German engineering giant Siemens’ after-tax profit in Hungary jumped 76.8% to HUF 7.1bn in its business year ended September 30, chairman-CEO of the company’s Hungarian unit Dale A Martin said at a press conference on Wednesday.

Revenue of Siemens Zrt rose more than 4% to HUF 93.6bn in the 2010/11 business year, Mr Martin said.

Domestic sales fell to €158m from €165m, but export sales rose to €190m from €161m. In the 2011/12 business year, domestic sales are expected to decline at a slower rate, while exports continue to rise, he said.

Siemens Zrt’s stock of new orders rose to HUF 90bn in 2010/11 from HUF 79.3bn in the previous business year.

Among the projects the company has recently completed is a power plant in Gönyű (NW Hungary), the installation of safety systems along the rail line between Budapest and Szekesfehervar and the construction of the electricity distribution network at German carmaker Daimler’s plant in Kecskemét (C Hungary), Martin said.

Siemens Zrt invested HUF 850m in infrastructure at its power plant maintenance unit in Budapest and HUF 907m to expand capacity at its transformer plant in the capital in the last business year, Martin said.

Last year, Siemens Zrt created more than 100 workplaces and it plans to make another hundred new hires in the coming half year, Martin said. Siemens Zrt will hire in the area of software development as well as at its wind and gas turbine businesses, he added.

Siemens Zrt and its units employed more than 2,000 people in the 2010/11 business year.

Siemens Zrt’s orders from Hungarian suppliers came to HUF 43.7bn last business year, up from HUF 38bn in the previous business year, he said. This business year, the company wants to increase the amount it buys from Hungarian companies even more, he added.

Siemens makes turbine parts and hearing aids, and it develops software in Hungary.