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GE reports Q1 loss of $13 billion
17 Apr 2015 13:01
General Electric has reported a $13.6 billion first-quarter loss on charges from its plan to sell most of GE Capital as profits rose in four of seven industrial businesses.
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The big loss had been expected after GE said a week ago that it would take about a $16 billion charge due to the GE Capital divestment. GE had reported $3 billion in profits the same time last year.
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The plan to sell most of its finance operations is part of an overhaul directed by chief executive Jeff Immelt to emphasise the company's industrial and technological prowess.
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In the first quarter, a big gain in aviation profits and smaller increases in transportation, appliances and lighting and health care made up for lower profits from power and water and oil and gas. Overall industrial profits rose 8.6% to $3.6 billion.
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GE had said April 10 that it would take a charge of about $16 billion in concert with the GE Capital sale to cover such costs as taxes on repatriated earnings and charges on businesses held for sale.
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Today's earnings were also held back by the drag from the strong dollar, which dented revenues by $950m.
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