ABB Hit By Drop In Big Orders, Overhaul Costs
Mohammad Ali (@ChaudhryMAli88) Published July 21, 2016 | 04:22 PM
ZURICH, (APP - UrduPoint / Pakistan Point News - 21st july,2016) - Swiss-Swedish engineering giant ABB said Thursday that first-half net profits fell by around one fifth, weighed down by restructuring costs. ABB said net profit dropped by 21 percent to $906 million (821 million Euros), on a six-percent fall in sales due to fewer big orders. The group, which produces items ranging from electrical transformers to ship propulsion parts, said that sales stood at $16.5 billion for the first six months of this year. For the April to end-June period alone, large contracts fell 41 percent, it said.
Smaller orders -- below $15 million -- were steady, but were down by 3 percent when converted into Dollars. "Base order demand was strong in Germany, Spain, Sweden and Denmark, and weak in the UK amid uncertainties around Brexit," ABB said in a statement. ABB said utilities remained "cautious but continued to make selective investments to integrate renewable energy and enhance energy security". The company however won orders of more than $300 million in China for an ultra-high voltage power link.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From World
-
NFL will allow players to wear Guardian Cap helmets in games
4 hours ago -
Football: German Bundesliga table
4 hours ago -
Football: Italian Serie A result
4 hours ago -
Football: German Bundesliga results
4 hours ago -
US troops to leave Chad in second African state withdrawal
4 hours ago -
Plastics pollution may be solved without production cap: Canada minister
5 hours ago
-
Biden stalls on menthol cigarette ban fearing Black vote backlash
5 hours ago -
Champions Alcaraz and Sabalenka through in Madrid Open
5 hours ago -
6,000 French police to welcome Olympic torch amid bonus boost
5 hours ago -
Taiwan hit by several quakes, strongest reaching 6.1-magnitude
5 hours ago -
'Ballistic' Bairstow stars as Punjab pull off record T20 chase
5 hours ago -
Tennis: ATP/WTA Madrid Open results - 2nd update
5 hours ago