ABB to invest $17.36 million on capacity expansion

Wednesday, 21 July 2004, 07:00 Hrs
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BANGALORE: ABB India Ltd, a leading multinational in power and automation technologies, will invest 800 million ($17.36 million) on capacity expansion, plant upgrade and modernisation during the current year.

According to ABB India vice-chairman Ravi Uppal, the pick-up in industrial growth and capacity expansion were promising for its automation technology business. The focus on power sector improvements too bodes well for the power business.

"With emphasis on rural reforms, ABB India is focussing on a range of products and solutions to facilitate rural electrification," Uppal told reporters here Tuesday.

"We will continue to generate new revenue streams in addition to expanding and upgrading our capacities to shore up our portfolio."

The company reported an operational net profit of 306 million for the second quarter (April-June) of the calendar year, registering a growth of 39 percent over the corresponding quarter of last year.

For the first half-year, the operational net profit was 475 million, an increase of 55 percent year-on-year.

Similarly, the company posted revenues of 5.27 billion for the second quarter as against 3.38 billion in the corresponding quarter of 2003.

Revenue for the first half of the current year stood at 9.76 billion, up by 55 percent over the same period last year.

ABB had an order book of 12.48 billion during the first half, up by 50 percent year-on-year at 8.33 billion. The order book for the second quarter was worth 6.54 billion, 45 percent higher than in the same quarter a year ago at 4.53 billion.

"We strengthened our position as a leading player in the power distribution sector with orders for equipment such as ring main units, compact sub-stations and medium voltage outdoor breakers," Uppal said.

"We also consolidated our leadership in the electric motors and electronic drives markets."

Source: IANS
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