ABB: Q2 profit down 36 pc to Rs 83 cr

Bangalore , July 31 Power and automation technologies firm ABB Ltd registered 36.5 per cent decline in net profit to Rs 83.60 crore for second quarter-ended June 30.
Total income of the company also dropped to Rs 1,525.87 crore during the April- June period of current fiscal from Rs 1,637.62 crore of the same period last year.

The company booked orders worth Rs 4,414.9 crore during the half-year ended June 2009, 10 per cent lower compared to first half of 2008, a company release said here today.



The second quarter saw an order intake of Rs 2,111.6 crore four per cent lower than second quarter of 2008.

During the quarter the company received significant orders for electrical solutions to enhance reliability in power generation, transmission and distribution.

The strong order intake during the first two quarters of this year has helped strengthen the order backlog from Rs 6776.9 crore at the end of first half of 2008 to Rs 7,622.3 crore at the end of June 2009 registering a 13 per cent increase year-on-year.

"The economy is entering the recovery phase now coupled with a stable government in place. We remain optimistic about the long term business prospects for ABB. However, it still remains to see how long before the stable phase of growth would return", said Biplab Majumder, Vice Chairman and MD, ABB.