ABB Sees Stable Growth Despite Tough Market

by swisscham in Engineering, Manufacturing

ABB China, the Chinese unit of the Swiss-Swedish multinational engineering company ABB Ltd, registered stable annual sales growth in 2012, despite difficult local industrial conditions. In a financial statement issued on 6th March, the company said sales in China grew by 2% to USD 5.2 billions, which it put down to the country’s ongoing infrastructure program as well as surging exports to neighboring countries.
However, officials said the past year had been a tough one for the group.
CompetingwithcompaniessuchasSiemensAG, ABBsawitsgroupprofitinthethirdquarterdropby 4 percentto $759 million, comparedwithanaverageanalystforecastfor $764 million, accordingtoaReuterspoll.
StrongdemandinChinainthefourthquarter, however, helpedthegroupbeatquarterlyforecasts, sendingitssharestooneoftheirhighestpointsin 18

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