ABB Switzerland releases six months figures

Orders received by the Swiss division of the international electrical engineering concern, ABB, have fallen short of last year's record level but revenues are up.

Orders received by the Swiss division of the international electrical engineering concern, ABB, have fallen short of last year’s record level but revenues are up.

According to figures released on Wednesday, ABB Switzerland took orders worth SFr2,922 (SFr3,620 million the previous year) in the first six months.

Revenues rose to SFr2,814 million, up 16 percent over the previous period last year and net income stood at SFr84 million (SFr115 million last year).

The company said the first half of 1999 proved satisfactory overall. Last year’s record figure for new orders, when exceptionally large orders were acquired in the power generation segment, was not equalled.

The company said the 27 percent reduction in the net profit of ABB Switzerland was attributable to major individual projects in the power generation segment.

In the first half of 1999, 11,445 people were employed at ABB Switzerland, an increase of 275 on the previous year.

One important development in the first half of the year was the transfer of the power generation business in the ABB Alstom Power joint venture between ABB and the French Alstom company. Around 3,000 employees of ABB Switzerland were assigned to the joint venture.

From staff and wire reports.