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ABB net up at Rs 54 cr

Our Bureau

MUMBAI, Feb. 21

ASEA Brown Boveri Ltd (ABB) has ended the year 2000 with a 45-per cent rise in net profit at Rs 54.01 crore against Rs 37.19 crore in the previous year.

Subject to the approval at the annual general meeting, the company has declared a dividend of 50 per cent for the year 2000. Its EPS for the year was Rs 13.04 (Rs 8.97).

On the topline growth in 2001, Mr K.K. Kaura, Managing Director, ABB, said at a press briefing here today that given the order backlog of the company, he expected the growth to be maintained.

On generation of fresh orders during the year in the backdrop of the industrial slowdown, he pointed out that ABB's targeted growth rate was anyway not very ambitious.

The company's total income in 2000 grew by 2 per cent to Rs 806.84 crore (Rs 793.35 crore). This included a 2-per cent rise in net sales/income from operations to Rs 793.27 crore (Rs 775.80 crore) and a 23-per cent slide in other income to Rs 13.57 crore (Rs 17.55 crore).

Total expenditure was Rs 715.66 crore (Rs 718.23 crore).

Interest dipped by 36 per cent to Rs 3.9 crore (Rs 6.12 crore), while depreciation touched Rs 16.76 crore (Rs 15.80 crore). Provision for tax accounted for Rs 16.50 crore (Rs 16 crore).

While orders worth Rs 1,127.7 crore (Rs 768.9 crore) were booked in 2000, the company started 2001 with an order backlog of approximately Rs 700 crore, Mr John Clarke, Executive Vice President and Chief Financial Officer, said.

The company's receivables grew by an estimated Rs 30 crore in 2000 to a total of about Rs 400 crore, he said, attributing the increase to the sizable chunk of business done in December and the difficulty in effecting receipts during the year-end.

The receivables position is expected to decline in 2001.

Approximately, 12-13 per cent of ABB's revenues now come from services. Power transmission and distribution business contributes 55 per cent to the revenues followed by 40-45 per cent from business automation. The balance is accounted for by the building systems and technology business.

Pic.: Mr K.K.Kaura, Managing Director, Asea Brown Boveri Ltd, and Mr John Clarke, Chief Financial Officer, at a press conference in Mumbai on Wednesday.

Picture by Paul Noronha