General Electric has said its net profit for the fourth quarter of last year fell by 44% from a year earlier, while earnings for the whole of 2008 were 19% lower.
The diversified company, often seen as a US economic bellwether, managed to meet lowered expectations for its profits.
Profits for the fourth quarter fell to $3.72 billion, while earnings for the full year dropped to $18.1 billion.
GE, which makes aircraft engines, energy equipment and owns the NBC Universal media group, said a major drag on earnings was its financial arm. Profits in the segment fell 67% in the fourth quarter and 29% in 2008.
Chairman and chief executive Jeff Immelt offered a grim assessment of future economic conditions. 'We expect 2009 to be extremely difficult,' he said.
Overall GE revenues fell 5% in the quarter to $46.2 billion and rose 6% for 2008 to $182.5 billion.
