ABB profit de­creases due to China, oil rig lull

China Daily (Canada) - - BUSINESS -

ABB Ltd, the power-grid maker that has ac­tivist Ce­vian Cap­i­tal as a share­holder, said third-quar­ter profit dropped 21 per­cent amid a slow­down in China and lower de­mand for con­trols and equip­ment to op­er­ate plants and oil rigs. Net in­come de­clined to $577 mil­lion from $734 mil­lion, the Oer­likon, Switzer­land-based com­pany said onWed­nes­day. Earn­ings be­fore in­ter­est, taxes and amor­ti­za­tion fell 9 per­cent to $1.08 bil­lion. An­a­lysts had es­ti­mated $1 bil­lion, on av­er­age.

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