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ABB posts 26 per cent profit upswing

The Swiss-Swedish electro-engineering concern, ABB, has posted a 26 per cent increase in profits in the first quarter of this year compared to the same period in 1999. Profit was put at SFr619 million.

The Swiss-Swedish electro-engineering concern, ABB, has posted a 26 per cent increase in profits in the first quarter of this year compared to the same period in 1999. Profit was put at SFr619 million.

The level of orders was up by five per cent, but turnover was down by six per cent in the first quarter at SFr830 million.

ABB's divestment of its nuclear business and the sale to French company Alstom of its 50 per cent stake in the ABB Alstom Power joint venture are expected to close in the second quarter and did not affect the first-quarter figures, ABB said.

Chief executive, Göran Lindahl said the figures showed that "our move into businesses based on knowledge, high-tech, service and industrial IT is paying off and our underlying profitability is growing steadily."

The firm said it expects earnings to increase for the year as a whole, and to have its shares listed in New York in the second half of the year.

swissinfo with agencies

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