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Siemens soars on sales growth
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April 21, 1999: 12:20 p.m. ET
German powerhouse posts strong revenue, forecasts double-digit growth
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LONDON (CNNfn) - Shares in German electronics giant Siemens jumped more than 3 percent Wednesday on strong first-half sales but dropped back when the company declined to give details of future asset sales.
The group shrugged off Germany's faltering export performance to post a 17 percent rise in revenue to 61.2 billion marks ($33.3 billion) and forecast double-digit sales and profit growth for the full year ending Sept. 30. International sales climbed 23 percent and U.S. sales jumped 42 percent.
Interim pre-tax profits rose from 1.368 billion marks to 1.39 billion.
Siemens (FSIE) shares jumped more than 3 percent to reach a 1999 high of 68.7 euros before slipping back to 67 euros, a rise of 1.2 euros on the day.
The company declined to give more details of its multibillion mark divestment program. The prospect of fresh asset sales alongside the planned flotation of its loss-making semiconductor unit drove the stock up by 4 percent Monday. 
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Siemens
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