ZURICH, July 23 (Reuters) - ABB still expects its power systems division to break even this year despite racking up losses in the first two quarters, the Swiss engineering company’s chief executive said on Wednesday.
“We still aim to get this business to profitability and we still aim to get this to break even within this year,” Ulrich Spiesshofer told journalists on a conference call. “The issue that we have at hand is the losses on the year-to-date. I did not say that we expect losses going forward.”
Costly delays to offshore wind and solar power projects have dogged the company’s power systems (PS) unit in recent quarters and ABB said in April it would redouble work to try and turn the loss-making division around.
Spiesshofer said he expects the majority of its offshore wind projects to be completed by the end of this year. (Reporting by Caroline Copley)