ABB India’s Q2 net declines 54.17 percent

July 30th, 2010 - 7:24 pm ICT by IANS  

New Delhi, July 30 (IANS) Private sector power and automation company ABB India Friday reported a 54.17 percent decline in net profit at Rs.38.31 crore in its second quarter of 2010 as against Rs.83.60 crore in the like period of 2009.
“The results of the company were adversely impacted in the second quarter on account of continued costs on the exit from rural electrification business and increasing price pressure in the market,” it said in a statement.

The total revenue fell by 3.88 percent at Rs.1,446.6 crore from Rs.1,505 crore in the like period of previous year.

The company’s orders in the first quarter declined by 41.53 percent at Rs.1,234.6 crore, as compared to high order intake of Rs. 2,111.6 crore received in the corresponding period last year.

“Orders were impacted due to delay in conclusion of a number of large projects compared to the same period last year and continued price pressure in the market,” the statement added.

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