The multi-profile concern General Electric Co cut its revenue by 5% and recorded a loss of $ 10 billion in the fourth quarter. This is due to the already announced expenses of $ 11 billion related to insurance assets and tax reform in the US, Reuters reports.
The US industrial conglomerate reported that profit fell by 88% in its troubled energy business, which produces electric power equipment. GE explained this with some costs and other factors. The company did not provide more detailed information.
Revenue and orders also fell sharply in the energy business.
GE said that the cash flow from industrial operations in the IV quarter was $ 7.8 billion, which is higher than the forecast (about $ 7 billion). The concern noted that its ability to generate cash flow is improving.
The loss of GE in the fourth quarter was $ 10.01 billion compared with a profit of $ 3.48 billion a year earlier.
Per share, the company’s loss from continuing operations was $ 1.15, compared to a profit of $ 0.39 per share a year earlier.
GE’s revenue declined from $ 33.09 billion to $ 31.4 billion.
Last week, GE reported that the costs associated with insurance assets and tax reform in the US will reach $ 11 billion. Including the concern will write off $ 6.2 billion after taxes in IV quarter due to a reassessment by its financial division of its insurance portfolio.
In addition, GE said that it is considering the possibility of dividing the business.