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Swiss firm ABB says working in Russia getting more expensive
Oct 19, 2009, 7:48 GMT
Geneva - Swiss engineering firm ABB said Monday that it was reassessing its business model in Russia, owing to the 'challenges of doing business' in that country.
The cost of operating in Russia was said to be on the rise, including the impact of changing tax structures, a statement said. Third-quarter accumulated profits were expected to see a related increase in tax charges.
The company expects to announce net third quarter income of approximately 1 billion dollars.
This was also expected to be impacted by a recent European Commission decision, which found the company was involved in anti- competitive activity, resulting in a fine of nearly 50 million dollars.
ABB, which works in power and automation technologies, releases its third quarter results later this month.
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