German industrial conglomerate Siemens on Friday withdrew its 2020 revenue targets, saying the coronavirus pandemic would weigh heavily on sales in its April-June quarter.
"We expect a moderate decline in comparable revenue in fiscal year 2020," Siemens said in a statement, as it reported net profits down by an annualised 64 percent in January-March, at 697 million euros ($755.77 million).
The group plans to find 165 million euros of extra savings per year on top of an existing cost-cutting drive, bringing its total target to 475 million.
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