Johannesburg - ABB SA, a manufacturer and supplier of power and automation technology products, said on Monday that it had posted annual revenue of R2.8bn in 2010, from R3bn previously.
The group said it increased orders by 8.8% to R3.2bn in 2010, from R3bn in 2009, while its order book stood at R3.8bn.
ABB SA said the revenue drop was mainly a timing issue, with some payments not having been received by year-end. These had since been received, indicating that revenue had been maintained at similar levels to 2009, it said.
ABB SA is a subsidiary of the global power and automation technologies group, and is 20% owned by Wipcapital, a women's empowerment group.
In its power business, the group saw increased orders from power generation and transmission infrastructure demand in southern Africa, while demand for energy efficiency in industry also drove orders in the automation business.
"We are pleased with our results, which were achieved through a stringent focus on operational excellence and customer delivery to ensure strong order flow in competitive markets," said ABB CEO Carlos Pone.