Revenue growth in ABB’s power grids and electrification business was not enough to offset an overall fall of 5% in the Swiss company’s 2016 revenue.
ABB reported revenue slipping to $33.8bn in 2016 from $35.5bn in 2015.
Overall orders were also down at $33.4bn, 8% below the previous year’s $36.4bn.
However, net income increased 2% to $1.96bn last year from $1.93bn in 2015.
ABB said: “The overall global market remains impacted by modest growth and increased uncertainties, for example, Brexit in Europe and geopolitical tensions in various parts of the world.
“Oil prices and foreign exchange translation effects are expected to continue to influence the company’s results.
“With this and the ongoing transformation of ABB, we expect 2017 to be a transitional year.”
Image: ABB
