Rupee In A Groove, Forwards Look Up

Equipment major Asea Brown Boweri (ABB) yesterday announced a net profit of Rs 14.01 crore during the first quarter of 1999, showing a 10-per cent decline over the corresponding period the previous year. ABB's gross profit (after interest) during the period also declined to Rs 19 crore from Rs 25 crore during the first quarter of 1998, showing a 24-per cent decline. The company recorded a 5-per cent growth in its net sales during the period, its expenditure increased by nine per cent. Net sales of ABB during the first quarter was Rs 212 crore (Rs 202 crore).