News Column

General Electric Sees Slight Rise in Profits

July 19, 2013
General Electric

General Electric saw its second quarter net profit rise 1 percent against the same period a year ago, to $3.1 billion, despite a drop in sales, it said Friday.

Sales of aircraft engines fuelled the growth as the conglomerate based in Fairfield, Connecticut, cut costs and saw strong business in the United States and emerging markets, it said. The European outlook had stabilized but remained weak, chief executive Jeff Immelt said.

Revenues fell 4 percent year-on-year to $35.1 billion while operating profit dropped 8 percent to $3.7 billion.

GE saw profit growth in six of its seven industrial divisions and expected them to grow further in the second half of this year, Immelt said.

Revenues in its aviation and oil and gas divisions both rose 9 per cent, but its finance division, GE Capital, saw sales fall 3 percent.

GE is reorganizing itself away from finance and more towards its industrial businesses.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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