Siemens profits down as it plans Russia exit

German industrial conglomerate Siemens said Thursday its profits were cut nearly in half in the second quarter as the group announced it would wind down its operations in Russia.

Siemens, which runs its business year from October to September, said in a statement that net profit fell to 1.2 billion euros ($1.3 billion) in the period from January to March, from 2.4 billion in the same period last year.

Sanctions imposed on Russia following the invasion of Ukraine has cut Siemens' earnings by around 600 million euros as the German giant -- which makes products ranging from trains to factory equipment -- wrote down the value of its business in the region.

Siemens said its transport division, including rail service and maintenance, was particularly hard hit.