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Julian Mattocks
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Zurich (pte038/17.02.2005/14:00) - Swiss technology company ABB http://www.abb.ch has announced that it is back in profit. As the company reports today in a press release on its website, it experienced net income of 201 million dollars, up 980 million dollars compared to 2003. Revenue for the company in 2004 was at 20.7 billion dollars.
ABB puts the positive results down to "solid double-digit order and revenue growth in the core divisions". "We met many of our objectives in a key turnaround year," said Fred Kindle, ABB president and CEO. "We again took out costs and lifted productivity. Coupled with a recovery in most markets, we substantially increased EBIT and reported a rebound in net income of almost 1 billion dollars. We faced some challenges in the year, including a delay in resolving the asbestos issue. We are focused on finding timely solutions to these issues, and took steps in the fourth quarter to establish a more stable base for 2005," he added. In the whole of 2004, the company's EBIT increased by 204 per cent to just over a million dollars.
The technology company, which has been struggling with losses the whole year round, went back in profit in the first quarter of 2004. This positive tendency was carried on in all quarters. In the final quarter of 2004, ABB posted a revenue growth of 11 per cent. Cash flow from operating activities increased 32 per cent to 880 million dollars in the quarter, reaching 962 million dollars for the full year.
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