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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