ABB forecasts rising profits

Technology giant, ABB, is expecting strong profits after healthy half-yearly results Keystone

The Swiss-Swedish technology giant, ABB, says net profit for 2000 is expected to be well above that for 1999.

The company made its estimate after publishing much better than expected half-year results. Net profit was up 16 per cent to SFr1.61 billion.

The healthy profits were achieved despite a fall in turnover of six per cent to SFr17.96 billion. However, orders are up six per cent compared to the same period last year to SFr22.45 billion.

Following the announcement, ABB’s chief executive, Goran Lindahl, said the company was on track for a stock exchange listing in the United States.

In a television interview, Lindahl said a decision had not yet been reached on the type of listing ABB would seek.

Two other major Swiss companies also released solid figures for sales and orders for the first half of the year.

Clariant, one of the world’s biggest specialty chemicals firms saw sales rise by 17 per cent to SFr5.295 billion.

Meanwhile, the Winterthur-based industrial and medical technology group, Sulzer, said its first half orders rose by five per cent to SFr2.9 billion.

swissinfo with agencies