German industrial equipment maker Siemens today posted a fourth-quarter net profit of €1.23 billion, boosted by an increase in sales in Asia.

That represents a rebound from a net loss of €396 million in the same quarter a year ago, when the company had a large one-time charge at its healthcare division.

Revenues rose by 5 per cent to €20.35 billion, boosted by a 12 per cent increase in Asia. The company said sales grew across all regions and experienced particularly strong growth in emerging markets.

Orders, however, fell 2 per cent and the company forecast “moderate” sales growth. The company raised its dividend to €3 per share from €2.70 per share last year.

Across Siemens’ divisions, its fossil-fuel power generation unit raised earnings by 10 per cent. But its power transmission equipment divisions saw earnings slip 28 per cent due to costs of hedging raw materials and the emergence of new competitors in low-cost countries.

Munich-based Siemens makes a wide range of heavy industrial goods, including trains and streetcars, power generating and transmission equipment, diagnostic machines for hospitals and factory equipment.