Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / ABB announces Q3 profits of $1.03 bn
BackBack

ABB announces Q3 profits of $1.03 bn

ABB announces Q3 profits of $1.03 bn

Premium

Zurich, Switzerland: Swedish-Swiss engineering group ABB posted a net profit up 12% at $1.03 billion (699 million euros) for the third quarter, in line with expectations, it announced Thursday.

The third quarter profit compared with $927 million for the same period last year.

The group set aside $850 million in December for likely costs from US and EU probes into alleged cartel activities, a tax dispute and asset writedowns, it said 10 days ago. But it has now reduced the provisions to $380 million.

The group was fined 33.75 million euros ($50 million) by the European Commission over anti-competitive practices in the power transformer market.

ABB added that its third-quarter earnings would be hit by an increase in charges incurred by its business in Russia.

“As a result, ABB continues reviewing the situation and assessing its business model in Russia," it said.

In July, the group posted net profits of $675 million for the second quarter.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 29 Oct 2009, 12:06 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie