GERMAN industrial equipment maker Siemens AG says it made a net profit of 1.23 billion euros (US$1.66 billion) in its most recent quarter as sales increased in Asia.

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

Revenues rose 5 percent to 20.35 billion euros, boosted by a 12 percent increase in Asia. The company said yesterday sales grew across all regions and saw particularly strong growth in emerging markets.

Orders, however, declined 2 percent and the company forecast "moderate" sales growth.

The company raised its dividend to 3.00 euros per share from 2.70 euros per share last year.

Across Siemens' divisions, its fossil-fuel power generation unit raised earnings by 10 percent to 407 billion euros.