Business News
ABB posts 24-per-cent profit increase, gives gloomy outlook
Feb 16, 2012, 9:03 GMT
Zurich - Swiss energy and automation technology group ABB said Thursday that its annual profit rose 24 per cent last year, but warned that pressure on prices would make it more difficult to make profits in the first quarter.
Its net profit rose to 3.17 billion dollars, less than analysts had expected.
Revenues increased 20 per cent to nearly 38 billion dollars.
The company's order backlog rose above 40 billion dollars for the first time last year, due to new projects in the oil, gas, and power utility industries.
However, ABB said strong competition in the energy sector would weigh on prices and reduce profit margins in the first three months of the year.
The company plans to continue with planned cost-saving measures as a countermeasure.
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