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GE Majap Sales Off 7% In 4th Qtr., But Net Increased

1/29/2001 02:00:00 AM Eastern

FAIRFIELD, CONN. -Although revenue in the major appliance segment at General Electric dipped 7 percent in the fourth quarter, the company still reported a small profit in major appliances.

For the three months ending Dec. 31, GE said, appliance revenue was $1.4 billion, compared with $1.5 billion in the year-ago fourth quarter. Profit for the segment hit $181 million, a 1 percent gain from the $180 million recorded in the same quarter in 1999.

For the 12 months, GE said its majap business had a revenue of $5.9 billion, about 4 percent better than the $5.7 billion reported for all of 1999. Appliance-segment profit also earned a 4 percent gain for the year, reaching $684 million, compared with $655 million in the same 12 months last year.

GE Capital Services enjoyed record earnings results for the year, reporting a 17 percent increase to $5.2 billion, compared with $4.4 billion in 1999. Revenue rose 19 percent during the 12 months to $66 billion, compared with $55.7 billion in the previous 12 months.

Fourth-quarter profit at GE Capital Services climbed 16 percent to $1.2 billion, up from $1.1 billion in the year-ago three months. Fourth-quarter revenue jumped 10 percent to $17.6 billion, compared with $16 billion in the same quarter last year.

Reflecting continued growth from global activities and product services, overall revenue at GE climbed 16 percent to a record $129.9 billion in 2000, compared with $111.6 billion in 1999. Earnings were up 19 percent for the year, hitting $12.7 billion, compared with $10.7 billion in 1999.

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