New York  - HJ Heinz Co, the world's biggest ketchup maker, posted higher-than-expected third-quarter profits Tuesday and said net income climbed 11 per cent to
242.3 million dollars from the previous year.

The Pittsburgh-based company said the growth was a result of higher pricing and increased sales of ketchup and its Classico pasta sauces, which also showed that consumers in recession-hit countries were eating at home more frequently.

Power and automation technologies firm, ABB India has declared its financial results, posting 11 per cent increase in its profit at Rs 547 crore for the fiscal ended December 31, 2008. The firm earned total revenue of Rs 6,967.50 crore for the fiscal as compared to Rs 6,001.40 crore during last year.

Meanwhile, the Board of ABB appointed Gary Steel as its director and chairman, who is currently serving as Head of Human Resources and Member of the Group Executive Committee of ABB group of companies.

AREVA T&D India Limited, the In

Leon's Furniture managed to off set the effects of recession and posted a growth of 7.4 per cent in fourth-quarter profits and higher overall sales.

On Thursday, the company announced income of $23.2 million during the last three months of 2008, an escalation from $21.6 million in the same period last year.

Profits were worth 33 cents per basic share, up from 31 cents a share in the same time frame.

The revenues also showed a growth, up to $269.9 million from $185.9 million, partially on the acquisition of Appliance Canada in January 2008.

Home renovation supply retailer Rona has taken the hit due to the fading consumer interest as a result of recession. It will build less than half of its previously planned stores this year and is skeptical about its financial performance over this year which might be falling well short of its earnings objectives for 2009.

"Given the current financial, economic crisis, we will remain very, very prudent and selective with our development projects, focusing on the projects with the highest return on investment," said Chief Financial Officer Claude Guevin, in a conference with the analysts.

Glaxo Pharmaceuticals reported 157 per cent increase in net profit for the fourth quarter ended December 31, 2008 due to significant increase in its income during the reporting period.

The company posted net profit of Rs 208.4 crore against Rs 80.9 crore in the same period last year, despite recession like situation across the world. Its total income stood at Rs 1742.6 crore, posting increase of 5.31 per cent as compared to total income of Rs 1654.6 crore for the fourth quarter in 2007.