Automation firm ABB has revealed an 8% drop in profits for its oil and gas vertical in the second quarter of 2015. The company is blaming slow demand fuelled by weak crude prices, according to news site Reuters.
In a recent interview with Reuters, the Swiss-based automation firm blamed a significant slowdown in China, a sharp drop in spending by customers in the oil and gas industry, and U.S. growth rates which are unlikely to match strong year-ago levels, for the revised outlook.
Net profit for the quarter stood at $588mn, down from $636mn last year.
