geGE Capital has shed troubled assets and is benefiting from the improving credit environment. In May, the consumer unit unloaded Australian mortgages worth $5.2 billion, selling the Pepper Homeloans for an undisclosed sum.The real estate unit has been the slowest to recover, reporting losses of $335 million in the quarter. But even that was a notable improvement from the same quarter last year, when it lost $524 million.GE Capital’s gains helped to offset weaker performance in other areas at the conglomerate. The company’s energy infrastructure segment reported $1.6 billion in profit, down 19 percent from the year-ago period. Its home and business solutions unit profit of $106 million was 26 percent lower than the same quarter last year.In a press release, Jeffrey R. Immelt, the chief executive of G.E., praised the performance of the recovering financial arm, saying, “GE Capital’s portfolio transformation is ahead of schedule.”
Friday, July 22, 2011
ge
geGE Capital has shed troubled assets and is benefiting from the improving credit environment. In May, the consumer unit unloaded Australian mortgages worth $5.2 billion, selling the Pepper Homeloans for an undisclosed sum.The real estate unit has been the slowest to recover, reporting losses of $335 million in the quarter. But even that was a notable improvement from the same quarter last year, when it lost $524 million.GE Capital’s gains helped to offset weaker performance in other areas at the conglomerate. The company’s energy infrastructure segment reported $1.6 billion in profit, down 19 percent from the year-ago period. Its home and business solutions unit profit of $106 million was 26 percent lower than the same quarter last year.In a press release, Jeffrey R. Immelt, the chief executive of G.E., praised the performance of the recovering financial arm, saying, “GE Capital’s portfolio transformation is ahead of schedule.”
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