Net profit for the quarter that ended June 30 fell to 501 million euros ($719 million) from 1.4 billion euros in the year-earlier period, even though revenue increased 2.4 percent to 17.84 billion euros.Thursday's results were worse than expected and the company's shares dipped 2.4 percent to 88.93 euros in morning trading in Germany.The heavy charges related to the ending of the nuclear joint venture with France's Areva SA left earnings per share of 0.52 euro far short of analyst expectations of 1.43 euros. Sales were shy of market expectations for 18.2 billion euros.Chief Executive Peter Loescher, who on Wednesday was given a five-year extension of his contract, said the company was still on track to meet its 2011 targets despite an uncertain global economy. He cited a 20 percent rise in new orders, including a 3.7 billion euros order for high-speed trains in Germany, will contribute to earnings for years to come."Our markets are still robust, although risks are tending to increase in the global economic environment," he said. The company took more than a billion euros in one-time charges in the quarter, the company's fiscal third.Earnings were reduced 682 million euros by an arbitration award related to the company's decision to end its nuclear cooperation with Areva and seek another partner. The Areva charge had been known ahead of time and markets had already factored it into expectations.But the company also took a 381 million-euro writeoff in its medical equipment division after reevaluating the commercial prospects of using its particle therapy technology, which uses particles such as protons and carbon ions to treat cancer patients. The project will go on as a research project but plans have been shelved for now to use it for general patient treatment."Our pioneering work has not been recognized as expected," said chief financial officer Joe Kaeser during a conference call with journalists, when asked about the charge. "We have reasons for optimism that we can continue to develop this therapy."Munich-based Siemens makes heavy industrial equipment such as trains and streetcars, power generation and transmission equipment, and medical diagnostic machinery.