GE posts 80% rise in profits for Q1

GENERAL Electric (GE) posted an 80% rise in first-quarter profit, helped by a strong recovery in its finance arm, that topped Wall Street expectations.

But the results, which followed a series of better-than-expected earnings reports from top US manufacturers, failed to impress investors and shares of the largest US conglomerate fell 2% yesterday.

First-quarter earnings attributable to common shareowners came to $3.36 billion (€2.34bn), or 31 cents per share, up from $1.87 billion, or 17 cents per share, a year earlier.