ABB reports 35 pc dip in net profit

ABB reports 35 pc dip in net profit

"The savings in cost of material, services and other expenses achieved during the year was more than offset by low revenues, adverse impact of foreign exchange variations and early exit costs absorbed in the rural electrification business", the company said in a statement.
The cumulative revenue for 2009 was Rs 6237.2 crore,about nine per cent lower than the previous year.

Sluggish economic conditions and project delays witnessed in the earlier part of the year and the larger share of orders with longer gestation period in the backlog, mainly from power and infrastructure segments, brought down overall revenues during the year, the company said.

Keeping in view the stable financial condition of the company, the Board of Directors recommended a dividend of 100 per cent, subject to the approval of shareholders at the forthcoming Annual General Meeting.

The company booked orders worth Rs 8684.7 crore in 2009, eight per cent higher as compared to the previous calendar year, it was stated.

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