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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology GE profit tops forecasts despite finance weakness AFP - Saturday, January 23 Send IM Story Print NEW YORK (AFP) - – General Electric reported stronger-than-expected profits as the giant US conglomerate's results from energy and manufacturing offset weakness at its financial and media units. Net profit was 3.0 billion dollars in the fourth quarter, down 19 percent from a year earlier, and was 2.9 billion dollars for common shareholders at the big conglomerate sometimes viewed as a proxy for the overall economy. That pushed the profit for the full year to 11 billion dollars, including discontinued operations, representing a 38 percent decline from 2008. "GE's environment has improved and we saw some encouraging signs at year-end," chairman and chief executive Jeff Immelt said. "During the difficult economy of 2009, we took a series of actions to improve GE so that we would be positioned for growth in the future." Immelt said the group was seeing increased orders for infrastructure and health-care equipment and that for its financial arm, "consumer delinquencies are stabilizing." The overall profit amounted to 28 cents a share in the fourth quarter, two cents better than expected by analysts. Revenues fell 10.4 percent to 41.4 billion dollars in the final quarter but were also ahead of expectations. Full-year revenues fell 14 percent to 156.8 billion dollars, capping a difficult year for the company that traces its history back to 1878 and inventor Thomas Edison. The company, which makes aircraft engines, energy equipment and owns the NBC Universal media entertainment group, said the profits from continuing operations fell 22 percent in the fourth quarter from the same period a year ago. GE's energy unit, which makes wind turbines as well as oil and gas equipment, led the earnings with an operating profit of 2.2 billion dollars, up nine percent from a year ago. The technology division, which includes GE's aircraft engine manufacturing, saw a 16 percent drop in operating earnings to 2.1 billion dollars. Profits fell 30 percent to 602 million dollars at NBC Universal, the media-entertainment arm that GE has agreed to merge with Comcast. The financial arm, GE Capital Finance, suffered a 67 percent plunge in earnings but stayed profitable, producing 167 million dollars. The unit has suffered from some of the same problems as banks in an environment of difficult credit and rising loan defaults. "Capital Finance is executing well in a difficult environment," Immelt said. "Every segment at GE Capital was profitable with the exception of commercial real estate." Deutsche Bank analyst Nigel Coe said GE had "a solid quarter" with better orders and profit margins and "real signs of stability" in the financial unit but said it was not clear how Wall Street would view the results. In early trade, GE shares leapt 3.95 percent to 16.65 dollars. Douglas McIntyre at 24/7 Wall Street said that even though GE topped forecasts, "there was plenty of bad news below the top line," with troubles in the financial and media segments raising questions about GE's business model. "So much for owning a diversity of businesses," he opined. Recommend Send IM Story Print News Search Top Stories Bank 'sheriff' Obama hits hard in Europe: analysts GE profit tops forecasts despite finance weakness Last decade warmest ever: NASA Markets tank as Obama moves to rein in banks Bank, economy fears weigh on global stocks More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Haiti quake is a new warning of Latin America's faultline Booming Chinese economy snaps at Japan's heels Flush Goldman Sachs seeks to soothe bonus outrage Markets tank as Obama moves to rein in banks Google quarterly net profit up five-fold More Most Viewed » Beat the blues by going to bed early: study Huge tomb found at Egypt's Saqqara pyramid Woman who saved Anne Frank's diary dead at 100 Scientists praise Obama as Doomsday clock reset More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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