Industrial equipment maker Siemens AG says net profit fell 17 percent to euro1.457 billion ($1.89 billion) as project delays held down profits and the uncertain global economy cut into order volume. Revenue grew 3 percent to euro17.9 billion. The Munich-based company on Tuesday said it took euro203 million in charges from a delay in getting permission to connect offshore wind farms to the power grid in Germany. New orders slipped 5 percent. The company said higher research and investment costs also reduced profit.

Increased costs for research and development along with increased pricing pressure resulted in a loss for Siemens Wind Power. As a result, Renewable Energy posted a loss of €48 million in the first quarter. Revenue for Renewable Energy rose 9% year-over-year, with nearly all growth coming from the Americas region. New orders climbed 65% compared to the first quarter a year earlier, which included a low volume from large orders. The Americas recorded a number of large orders for onshore wind-farms in the U.S., and led growth in all three reporting regions. The wind business expects continued revenue growth and a return to profitability in coming quarters.