19 Apr 2009

GE profits fall 35%

9:24 am on 19 April 2009

General Electric has reported a 35% fall in quarterly profit.

Profit at the US conglomerate in the first three months of 2009 slid to $US2.8 billion from $4.4 billion a year earlier.

However, the decline was less than analysts had been expecting.

The recession hurt sales in most areas of GE's business, which range from jet engines to household appliances.

Chief executive Jeff Immelt said he would cut costs by more than $US5 billion in 2009.