21 Apr 2012

GE down 10% for Q1

9:05 am on 21 April 2012

General Electric has reported a fall in first-quarter profits. The industrial conglomerate made $US3.03 billion in the three months to the end of March, down 10% on the same period last year.

This year's results were hit by one-off charges, including a $US200 million charge related to an Irish mortgage business.

But GE said that infrastructure orders were at a record high, boosted by emerging markets.

These included orders from South Africa for 43 new trains, bringing the total number of GE trains that have been ordered to 143 since 2009.

GE also got engine orders from Kenya Airways and Qantas. Its oil and gas division received orders worth $US1 billion to supply equipment and services for a liquefied natural gas project in Australia.