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Siemens profits up on unit spin-off as CEO changed

The logo of German industrial conglomerate Siemens is pictured outside their headquarters in Munich, southern Germany, Wednesday, July 31, 2013. Siemens AG has appointed longtime finance chief Joe Kaeser as its new chief executive, replacing Peter Loescher after a series of missed profit targets at the German industrial conglomerate. Siemens said its supervisory board unanimously chose the 56-year-old Kaeser on Wednesday. (AP Photo/Matthias Schrader)

BERLIN (AP) -- Siemens AG says net profit rose 43 percent in the most recent quarter after it spun off its money-losing light bulb business.

Other measures of profit sagged, however, as the industrial conglomerate took charges for a restructuring program aimed at restoring its profit levels.

Net profit rose to 1.1 billion euros ($1.46 billion) for the April-June period from 770 million euros a year earlier. Earnings benefited from spinning off light-bulb business Osram, which cost the company 354 million euros in the year earlier quarter.

The profit margin fell to 6.5 percent 9.2 percent a year earlier.

Failure to meet profit targets disappointed shareholders and led to the resignation Wednesday of CEO Peter Loescher. He was replaced by CFO Joe Kaeser.