Siemens operating profit rises 20% in July-Sept

German industrial giant Siemens said on Thursday that its industrial operating profit soared year-on-year by 20 percent to 2.64 billion euros in the July-Sept. period, beating analysts' forecast.

Siemens' net profit jumped to 1.3 billion euros in the company's fiscal fourth quarter ended September, from 559 million euros a year earlier, the company said in a statement.

Siemens' fiscal year ends in September. For the full fiscal year, the company's net profit stood at 5.6 billion euros, down nearly 8 percent from the previous year.

As for the next fiscal year, Siemens warned of weak global macroeconomic growth.

"The weakening of the global economy accelerated clearly during fiscal 2019," German news agency DPA quoted chief executive Joe Kaeser as saying.

"We expect global macroeconomic development to remain subdued in fiscal 2020, with risks particularly related to geopolitical and geo-economic uncertainties," the company said.

Siemens expected a moderate growth in comparable revenue and a moderate decline in market volume for its short-cycle businesses.