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| General Electric optimistic despite profit fall | General Electric optimistic despite profit fall |
| (about 3 hours later) | |
| US industrial giant General Electric (GE) has reported net income of $3.1bn (£2bn) for the second quarter of 2012, down from $3.7bn the same time in 2011. | |
| However, GE's transport business grew by 58% in the quarter, while its energy business followed closely. | However, GE's transport business grew by 58% in the quarter, while its energy business followed closely. |
| It said it expected to deliver double-digit earnings growth for the year. | It said it expected to deliver double-digit earnings growth for the year. |
| GE said orders included a deal to build 176 locomotives for US rail firms, with demand from Australia for gas turbines and single-flow steam engines. | GE said orders included a deal to build 176 locomotives for US rail firms, with demand from Australia for gas turbines and single-flow steam engines. |
| Its transport business, which employs some 12,000 staff worldwide, supplies products including engines for boats, locomotives and mining trucks. | Its transport business, which employs some 12,000 staff worldwide, supplies products including engines for boats, locomotives and mining trucks. |
| It was also lifted by an order from Australia for heat recovery generators, which will provide 500 megawatts of installed power capacity for a combined cycle power plant suplying a liquefied natural gas project. | It was also lifted by an order from Australia for heat recovery generators, which will provide 500 megawatts of installed power capacity for a combined cycle power plant suplying a liquefied natural gas project. |
| Despite a strong second quarter, GE added that its infrastructure orders were down by 1%, primarily driven by a 37% decrease in orders for its wind turbines. | Despite a strong second quarter, GE added that its infrastructure orders were down by 1%, primarily driven by a 37% decrease in orders for its wind turbines. |
| Elsewhere, its aviation business saw orders increase by 5% and its transportation saw a 2% rise in the quarter. | Elsewhere, its aviation business saw orders increase by 5% and its transportation saw a 2% rise in the quarter. |
| Its GE Capital business earned $2.1bn, a rise of 31%, which meant it could return $3bn to the parent business. | Its GE Capital business earned $2.1bn, a rise of 31%, which meant it could return $3bn to the parent business. |
| "GE Capital's strong operating performance and capital position allowed it to return a $3bn dividend to the parent, and our industrial segments delivered another quarter of double-digit organic revenue growth," said GE chairman and chief executive Jeff Immelt. | "GE Capital's strong operating performance and capital position allowed it to return a $3bn dividend to the parent, and our industrial segments delivered another quarter of double-digit organic revenue growth," said GE chairman and chief executive Jeff Immelt. |