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. Last Updated: 07/27/2016

ABB Asea Reels

ZURICH -- International power engineering group ABB Asea Brown Boveri sent its shares reeling Monday with a lower-than-expected 13 percent rise in first-quarter pretax earnings to a total of $370 million.

But the Zurich-based company, jointly owned by Sweden's ASEA AB and Switzerland's BBC Brown Boveri, said it was holding to a previous forecast of higher profit for the full year.

BBC's bearer shares plunged by 31 Swiss francs to 1,499 francs on the Zurich bourse. In Stockholm, Asea's B-shares fell by 14 Swedish crowns to 697 crowns.