FRANKFURT, Germany (AP) — Siemens AG saw net profit fall 14 percent in the most recent quarter as higher taxes and lagging profits at its oil and gas business weighed on earnings.

On the positive side, the Munich-based company said Thursday it booked sharply higher orders, a key factor for earnings down the road. Those included 800 million euros for a train control system in Norway and 1.3 billion euros for an offshore wind farm in Britain.

Net profit fell to 1.21 billion ($1.40 billion) from 1.41 billion in the same quarter a year ago, the company's fiscal third.

The oil and gas business saw earnings fall by more than half to 164 million euros as global energy trends reduced demand for the division's offerings including for gas turbines to generate electricity.