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GE profitable again in Q1; oil business still weak

Latest update : 21/04/2017

© AFP/File | GE, which suffered a modest loss in the year-ago period due to costs associated with asset sales, reported $619 million in profits in the three months ending March 31

NEW YORK (AFP) - 

General Electric swung back to profitability in the first quarter Friday as its aviation and power businesses scored strong operating profits growth.

GE, which suffered a modest loss in the year-ago period due to costs associated with asset sales, reported $619 million in profits in the three months ending March 31.

Revenues dipped 0.7 percent to $27.7 billion.

Operating profits growth was strongest in power, aviation and renewable energy.

But oil and gas remained a weak point, with operating profits falling 33 percent to $207 million, an indication that the market for oilfield services remains pressured after a two-year slump in oil prices that has abated in recent months.

GE chief executive Jeff Immelt said a planned combination of GE Oil & Gas with oil services company Baker Hughes remains and track and is expected to close in mid-2017.

Shares of GE slipped 0.1 percent to $30.25 in pre-market trade.

© 2017 AFP