By Nathan Allen 
 

Siemens Healthineers AG (SHL.XE) said Monday that net profit rose in the third quarter of its fiscal year, although profitability declined because of higher costs.

Net profit at the German medical-equipment maker rose to 348 million euros ($387.1 million) from EUR285 million a year earlier.

Revenue climbed to EUR3.57 billion from EUR3.30 billion, the company said.

However, the company said margins were weighed down by increased ramp-up costs for the Atellica diagnostics platform.

"We are facing challenges in the diagnostics business. We are tackling these issues resolutely," Chief Executive Bernd Montag said.

The company backed guidance for fiscal 2019.

Separately, the company said it has named Christoph Zindel to the board while board member Michael Reitermann has decided to step down.

 

Write to Nathan Allen at nathan.allen@dowjones.com

 

(END) Dow Jones Newswires

July 29, 2019 01:41 ET (05:41 GMT)

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