ABB earnings slump 29%

ABB Ltd, the world's largest builder of electricity networks, reported lower-than-estimated profit in the first quarter as clients in Asia and the Middle East delayed large power projects and prices fell.

Net income fell 29 percent to $464 million, Zurich-based ABB said. Analysts surveyed by Bloomberg predicted profit of $508.9 million. Sales decreased 4 percent to $6.93 billion while orders declined 12 percent. The shares fell as much as 7.2 percent in Zurich trading, the most in more than a year.

Source:China Daily