MUNICH – Siemens today reported its electronics assembly business’ fiscal first-quarter losses narrowed to €14 million from €27 million a year ago.

The unit is part of what Siemens calls its “centrally managed portfolio activities,” which posted a loss of €15 million in the first quarter compared to a loss of €38 million in the same period a year earlier. Siemens has put the unit on the block, and said its divestment “is expected to result in a substantial loss.”

The unit reported €62 million in revenues for the period ended Dec. 31, including €8 million in internal orders, down 68.5% from €197 million a year ago. Centrally managed portfolio activities includes Siemens’ Siplace electronics placement equipment business, plus certain Communications business.

Overall, the conglomerate reported first-quarter revenue of €17.4 billion, down 12% from a year ago. Profits rose 11% to €2.26 billion. Income from continuing operations rose 21% to €1.53 billion, and net income increased 24% to €1.53 billion.

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