The Hindu Business Line : ABB net up 50%, dividend at Rs 6

THE Indian arm of the Swiss-Swedish engineering major Asea Brown Boveri Ltd said its net profit for the year 2002 was Rs 97.17 crore, up 49.57 per cent from Rs 65.33 crore a year ago.

The company reported a total income of Rs 1200.57 crore in the last year, up 13.71 per cent from Rs 1,055.75 crore a year ago.

The net profit for the December quarter was Rs 41.07 crore, up 33.65 per cent from Rs 30.72 crore a year ago.

Total income also rose to Rs 384.65 crore in the December quarter of 2002, from Rs 363.43 crore a year ago.

The company has recommended a dividend of Rs 6 per equity share of Rs 10 each for the year.

The company said that its sale of air handling business to Flakt (India) Ltd has yielded Rs 15.82 crore in the last fiscal, which swelled its extra-ordinary income.

The sale of the air handling equipment business was in line with global move to exit such business by ABB.

The company said that it booked orders worth Rs 1,305 crore in 2002, up 20 per cent from a year ago. In the fourth quarter of the last fiscal, the company booked orders of Rs 370.9 crore.

The order position was boosted by fresh project orders from utility and industrial customers as well as enhancement in standard products and services business. ABB added 100 channel partners to increase its reach in the standard products segment.

The order backlog is Rs 879.4 crore in December 2002, up from Rs 775 crore a year ago.

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