GE profits up 16% to €13bn but group warns of weak crude prices
General Electric sales in China up just a bit showing global impact of economic slowdown
General Electric: profits rose, from its continuing operations, to $13.1 billion (€12 billion) for 2015, and it predicts robust growth in earnings this year. Photograph: Urs Flueeler/EPA
General Electric’s sales in China grew only slightly last year, the company reported, in the latest sign of the global impact of the country’s economic slowdown.
GE, the largest US industrial group, also warned of intensifying pressure from weak crude prices, which has hit the division serving the oil and gas industry. Helped by lower tax payments, the company reported a 16 per cent rise in profits from its continuing operations to $13.1 billion (€12 billion) for 2015, and predicted robust growth in earnings this year.
GE has projected growth in underlying earnings from continuing operations of 11-18 per cent. Revenues for 2015 were below expectations and the earnings were negatively received by the markets.
– (Copyright The Financial Times Limited 2016)