GE Q4 profit slides 18% to $3.73 billion

GE Q4 profit slides 18% to $3.73 billion

US conglomerate General Electric saw its profit plunge 18 per cent to US$3.73 billion in the fourth quarter ended December as revenues slumped by slow growth in Europe.

However, the company saw strong growth in the emerging markets including India.

GE’s net earnings stood at US$3.73 billion on revenues of US$37.97 billion in the 2011 December quarter. In the year-ago period, the industrial major raked in a net profit of US$4.54 billion on revenues of US$41.23 billion.

GE Chairman & CEO Jeff Immelt said volatility is expected to continue in 2012. GE Capital’s fourth-quarter profit rose US$1.6 billion, higher by 58 per cent as compared to year-ago period.

“We are restructuring our businesses in Europe to reflect market conditions,” Immelt added. For entire year, GE posted a profit of US$14.51 billion on revenues of US$147.3 billion.
At the end of 2011, GE had cash and cash equivalents worth US$85 billion.

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