Losses Hit Engineer's Upturn
Byline: James O'Brien
Engineer ABB swung to a net profit for the first time in almost two years in the first-quarter but bleeding at businesses up for sale slowed its turnaround.
Net profit at the maker of power transmission systems, electric motors and industrial robots was just pounds 2.27 million as charges and losses on discontinued operations offset a continued improvement in core power and automation technologies divisions.
'Ongoing losses on discontinued operations overshadows the improvements,' said the institutional sales team of Swiss bank AKB in a note to clients.
Sales rose just one per cent to pounds 2.47 billion although operating …
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Publication information: Article title: Losses Hit Engineer's Upturn. Contributors: Not available. Newspaper title: The Birmingham Post (England). Publication date: April 30, 2004. Page number: 25. © 2009 Birmingham Post & Mail Ltd. COPYRIGHT 2004 Gale Group.
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