ABB net profit down 32, sales drop 8.44 per cent

MUMBAI, OCT 26: Asea Brown Boveri Ltd ABB Ltd has posted a 32.30 per cent fall in net profit at Rs 3.08 crore for the quarter ended September 1999 on a net sales of Rs 183.02 crore, which is a drop of 8.44 per cent over the same period last year.

The company8217;s other income also dwindled to Rs 2.04 crore during the quarter from Rs 3.03 crore during the same period last year, ABB said in a statement here today. Interest costs came down to Rs 2.09 crore during the period Rs 2.31 crore, while depreciation went up marginally to Rs 4.51 crore Rs 4.36 crore, it said.The company also made a provision for taxation to the tune of Rs 50 lakh Rs 1.68 crore, the statement added.

For the nine months ended September 1999, ABB posted a 61 per cent dip in net profit at Rs 7.66 crore on a turnover of Rs 565.41 crore, which was down 2.96 per cent, it said. Meanwhile, the company8217;s demerger plan, which was approved by the Maharashtra HC, would be effective from the date the court order would be filed with thestate registrar of companies, it added.