ABB announces third-quarter profit up 31 percent

(AP) -- Swiss-Swedish electrical company Asea Brown Boveri Tuesday announced a net profit of $1.108 billion for the first nine months of this year, up 31 percent on the same period in 1998.

(AP) — Swiss-Swedish electrical company Asea Brown Boveri Tuesday announced a net profit of $1.108 billion for the first nine months of this year, up 31 percent on the same period in 1998.

The transfer of most of ABB’s power generation businesses to a new joint venture, ABB Alstom Power, brought a net capital gain of $162 million after taxes. Excluding that gain, net income increased by 11 percent.

ABB said it received 3 percent more orders than last year, with an increase to $18.94 billion from $18.41 billion led by its automation, power distribution and oil, gas and petrochemicals divisions.

Orders rose in Europe and Asia, but declined in the Americas as well as in the Middle East and Africa, the company said. Third-quarter orders rose by 11 percent.

“As the market strengthens, and as we build our positions in higher growth businesses like automation, we are in a good position to see results improve further,” chief executive Goeran Lindahl said in a statement.