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March 27, 1988

SIEMENS SALES DOWN 11% IN THE FIRST FIVE MONTHS OF CURRENT FISCAL

By CBR Staff Writer

Our emphatic warning last Wednesday If you have shares, prepare to sell them now (CI No 894) was speedily vindicated as the Wall Street and London markets both started a nosedive on Thursday, and things look no better in West Germany: Siemens AG says that its sales fell 11% in the first five months of its current fiscal to the equivalent of $11,110m, and that orders were up only 2% thanks to a 9% decline in West Germany, offset by a 12% rise in the rest of the world; the company’s decision to trim its dividend by 8.3% was seen as boding ill for the company’s outlook for the rest of the year.

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