General Electric profits down 45%

Fairfield, Connecticut: General Electric Co’s third-quarter profit declined 45% as the company scaled back property and consumer lending and sold fewer medical machines, leading to a steeper drop in sales than analysts projected.

Profit from continuing operations declined to $2.45 billion (€1.64bn), or 22 cents a share, from $4.48bn, or 45 cents, a year earlier, the company said in a statement.

Chief executive Jeffrey Immelt is shrinking the finance unit and weighing a reduced stake in NBC Universal as he builds energy, transportation and healthcare businesses to help emerge from the recession. The GE Capital plan is ahead of schedule, Mr Immelt said. Higher losses in consumer finance and fewer real estate transactions reduced the unit’s profit and sales.