German engineering company Siemens AG on Tuesday said inet profit declined nearly 25% in the first quarter, hurt in part by a weakening European economy and the slide in global oil prices. Net profit for the fiscal quarter ended Dec. 31 was EUR1.08 billion ($1.21 billion), compared with EUR1.43 billion during the same period last year. Profit from continuing operations was down 18% to EUR1.11 billion, falling short of analysts' expectations. Analysts had forecast net profit from continuing operations of EUR1.26 billion, according to a poll by The Wall Street Journal. Revenue jumped by 5% to EUR17.42 billion from EUR16.58 billion, helped by a weaker euro. Analysts had forecast revenue of EUR17.16 billion. Siemens also saw an 11% decline in new orders to EUR18.01 billion from EUR20.14 billion year-on-year, hurt by lower volume in large orders in the company's Mobility, Wind Power and Renewables, and Process Industries and Drives businesses. Siemens's power and gas business came under particular pressure, squeezed by lower margins in the large gas turbine and steam businesses, the company said. Weakness in European power plant markets and the low oil price also hurt profit growth in the division, analysts said. The profit margin for oil and gas fell to 11.3%, compared with 18.2% during the same period last year. Siemens hosts its annual shareholders meeting Tuesday, where its power and gas business is expected to come under heavy scrutiny. Investors are likely to voice concerns over the high price Chief Executive Joe Kaeser agreed to pay in September to acquire U.S. oil equipment maker Dresser Rand Group. Inc. Those worries have been amplified in recent weeks as oil prices have plummeted to below $50 a barrel. marketwatch