(MENAFN) The industrial arm of General Electric posted lower revenue and earnings in the first quarter amid a sharp overall loss due to its recent sale of the assets in its finance subsidiary, Arab News reported.
Net income from the part of GE that the company will retain after the sale fell 5 percent to USD3.1 billion. Adjusted earnings per share fell 6 percent to 31 cents, the US company said.
Revenue fell 12 percent to USD29.4 billion, below the USD34.4 billion analysts expected. Costs and charges totaled USD14.1 billion pushed the company to an overall loss of USD13.57 billion in the quarter.
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