GE Profit Down 6%

July 11, 2008
Revenues rose 11%

General Electric reported on July 11 a drop in its second-quarter profit of 6% to $5.1 billion as the massive conglomerate largely weathered an economic storm.

Revenues rose 11% for the April-June period to $46.9 billion.

"Led by double-digit segment profit growth in our industrial businesses and a strong relative performance in our financial services businesses, we delivered a solid quarter in a volatile environment," CEO Jeff Immelt said.

"Many markets and industries remain healthy, while the U.S. economy is challenged. Opportunities in emerging markets, infrastructure, commodities and global healthcare are creating demand for our businesses, while we fight through the difficulties of a burdened U.S. consumer, a tough housing market, inflation and volatile capital markets. Even with all this uncertainty, we still see growth opportunities ahead," he said.

GE, which produces jet engines, locomotives, water treatment plants and medical equipment, has a major finance arm and controls the media-entertainment giant NBC Universal, is also undergoing major restructuring. Earlier in the day it announced the sale of its Japanese consumer finance arm to Japan's Shinsei Bank for $5.4 billion.

Copyright Agence France-Presse, 2008

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