February 21, 2005

ABB back in black

ZURICH

The engineering company ABB has posted a fourth-quarter profit of $13 million (all funds U.S.), compared with a loss of $391 million for the same period in 2003, helping the Swiss-Swedish concern return to profit for the year after three years of massive losses.

Fourth-quarter sales were $6 billion compared to $5.4 billion for the same period in 2003, due to strong revenue growth in core businesses, the company said.

Between 2001 and 2003, ABB spent billions of dollars on restructuring and asbestos-related litigation, pushing it deep into the red. But in 2004 the company posted a net profit of $201 million compared to a loss of $779 million in 2003.

The Associated Press

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