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ABB books drop in third quarter profit

But Swiss-based firm sees a 24% rise in orders for the period.

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ABB, News

ABB posted a 12% drop in third quarter net profit to $734mn as revenue fell.

Its troubled power systems division delivered a weak performance for the second quarter running though it managed to break even.

The unit has been beset by a series of delays to offshore wind and solar power projects, Reuters reported.

However the company saw a bigger-than-expected rise in third-quarter orders, helped by demand from the oil and gas industries.

The Swiss-based power and automation group reported a 24% rise in orders to $11.2bn boosted by larger contracts including an $800mn order for a subsea power link in Scotland.

"We will carefully manage costs and cash as the short-term outlook for the global economy is increasingly uncertain," CEO Ulrich Spiesshofer said in a statement.

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