19 Jan 2013

Rise in GE profit

10:24 am on 19 January 2013

Profits at General Electric rose 9% as demand for industrial equipment from developing countries surged.

Net earnings in the last three months of 2012 rose to $US4.15 billion, as sales rose at all seven of itsdivisions.

The group's backlog of orders hit a record high of $US210 billion in December.

Revenue growth was particularly strong at its units selling jet engines, up 22%, and oil and gas equipment, up 14%. Total revenues rose 4% to $US39.3 billion.

"We saw real strength in the emerging markets, and the developed regions stabilised," said chief executive Jeff Immelt.

GE produces medical equipment, train locomotives, wind turbines and refrigerators.

Profits at General Electric Capital Corp, its financial division, rose 4% from a year ago. The BBC reports GECC contributes 30% of the group's revenues and 37% of its profits.