• The CEO of Siemens AG, Jo Kaeser speaks during  the annual press conference at Siemens headquarters in Munich, Germany, Thursday Nov. 10, 2016. Germany's Siemens AG says revenue from a large power generation project in Egypt helped its fourth-quarter net profit rise by 18 percent.  (Andreas Gebert/dpa via AP)

    The CEO of Siemens AG, Jo Kaeser speaks during the annual press conference at Siemens headquarters in Munich, Germany, Thursday Nov. 10, 2016. Germany's Siemens AG says revenue from a large power generation project in Egypt helped its fourth-quarter ... net profit rise by 18 percent. (Andreas Gebert/dpa via AP) (The Associated Press)

  • The CEO of Siemens AG, Jo Kaeser  attends  the annual press conference at Siemens headquarters in Munich, Germany, Thursday Nov. 10, 2016. Germany's Siemens AG says revenue from a large power generation project in Egypt helped its fourth-quarter net profit rise by 18 percent.  (Andreas Gebert/dpa via AP)

    The CEO of Siemens AG, Jo Kaeser attends the annual press conference at Siemens headquarters in Munich, Germany, Thursday Nov. 10, 2016. Germany's Siemens AG says revenue from a large power generation project in Egypt helped its fourth-quarter net ... profit rise by 18 percent. (Andreas Gebert/dpa via AP) (The Associated Press)

Egyptian power project boosts Siemens quarterly profit

Markets Associated Press

Germany's Siemens AG says revenue from a large power generation project in Egypt helped its fourth-quarter net profit rise by 18 percent.

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The Munich-based company, which makes trains and medical scanners as well as power plants, said Thursday that its profit for the quarter ending Sept. 30 rose to 1.18 billion euros ($1.28 billion) from 1.00 billion euros in the period a year earlier.

The quarterly profit was slightly below market expectations for 1.24 billion euros.

Sales rose 3 percent to 21.95 billion euros.

Siemens said its power and gas division was seeing more revenue as it fulfills a large order for electricity generating facilities in Egypt.