ABB announces record annual profits, stock-split

ABB Ltd has announced the following Audited results for the quarter & year ended December 31, 2006:

The results for the quarter ended December 31, 2006:

The Company has posted a net profit of Rs 1349.548 million for the quarter ended December 31, 2006 as compared to Rs 946.189 million for the quarter ended December 31, 2005. Total Income has increased from Rs 10016.270 million for the quarter ended December 31, 2005 to Rs 14437.215 million for the quarter ended December 31, 2006.

The results for the year ended December 31, 2006:

The Company has posted a net profit of Rs 3403.062 million for the year ended December 31, 2006 as compared to Rs 2186.770 million for the year ended December 31, 2005. Total Income has increased from Rs 30141.383 million for the year ended December 31, 2005 to Rs 43477.022 million for the year ended December 31, 2006.

Further the Company has informed that, the Board has recommended a dividend of Rs 10.00 per equity share of Rs 10 each for the year ended on December 31, 2006. The Board has also recommended, subject to approval of share holders, sub-division (stock split) of existing equity share of the Company of face value of Rs 10.00 in to 5 equity shares of face value of Rs 2.00 each.

"We continue to bring value to our power and automation customers through leading-edge technologies, domain expertise and project execution abilities. At the same time our products focus in the form of range expansion and market penetration is paying handsome dividends. Our technology strengths, offering portfolio and unique ability to package solutions and provide a single window approach to existing and emerging sector verticals continue to be a key differentiator. While we grow our top-line, focus on productivity, operational efficiencies and working capital management continues to ensure that profitability remains a key priority" said Mr. Ravi Uppal, Vice Chairman & Managing Director, of the Company announcing the results.

"The Indian economy is on the move, assisted by strong industrial growth. The urgent need for quality power, delivered efficiently and economically across urban and rural India is now among the nation's key priorities. At the same time, Indian industry is increasingly adopting automaton technologies as it scales up. We therefore continue to be optimistic in terms of the market and managing growth in a profitable and sustainable way is our top Priority", he added.

Source : Equity Bulls

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