MUNICH – Siemens AG said its second-quarter net profit fell 67% as a result of weaker performance in some key business projects, but said orders were up.

Net profit for the period ending March 31 was $641.3 million, down from $1.96 billion year-over-year. 

Operating group profit was about $1.9 billion, down 32% from the second quarter last year.

Siemens said orders were up 12% from the year-ago period. Revenue remained roughly flat at $28.2 billion.

The company expects revenue to rise at twice the rate of global gross domestic product growth, and forecasts operating group profit and income from continuing operations to remain equal to fiscal 2007.