NEW YORK (TheStreet) -- Shares of Siemens (SIEGY) are slightly higher in afternoon trading after the German technology company reported an increase in second quarter profit but warned that its energy business remains a challenge and conflicts around the globe increasingly threaten its expansion plans.
"Geopolitical tensions such as in Ukraine and Middle East pose a serious risk for Europe's growth," said CEO Joe Kaeser.
Siemens's annual sales to Russia are about 2 billion euros, or $2.68 billion.
Siemens said net profit was 1.37 billion euros for the April-to-June period, up 28% over the 1.07 billion euros it posted in the same period last year.
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Revenue declined 3.7% to 17.92 billion euros from 18.61 billion euros.