Record profit at General Electric
By Our Corporate Bureau | 20 Jan 2007
General Electric has reported record annual earnings, boosted by strong performances at its infrastructure and healthcare businesses.
It reported 11 per cent higher earnings (up to $20.7 billion) shortly after it disclosed an $8.2 billion deal to buy two medical testing businesses from Abbott Laboratories, and, earlier in the week, announced its $4.8 billion acquisition of the aerospace operations of Britain's Smiths Group.
The group's global infrastructure business reported a 19 per cent rise in profits to $2.89 billion and 16 per cent at its healthcare division to $1.15 billion.
GE added that its TV network NBC was gaining audience share in the US. GE chairman and chief executive Jeff Immelt said "NBC Universal's turnaround is advancing, and Industrial had a good year in spite of continued commodity inflation and competitive challenges at Plastics."