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GE Q3 Majap Revenue Climbs 3%

10/11/2001 11:44:00 AM Eastern

Fairfield, Conn. - Revenue in the major appliance segment at General Electric - the company's smallest division - climbed 3 percent in the third quarter, reaching $1.54 billion, compared with last year's $1.50 billion.

Profit in the majap segment, however, dipped 1 percent in the third quarter ending Sept. 30, down to $158 million from $159 million in the year-ago period.

On the other hand, GE's largest segment, GE Capital Services, saw revenue decline 19 percent in the third quarter, to $13.2 billion, compared with $16.4 billion in the same period in 2000.

Revenue for GE Capital also took a hit in the third quarter, with net earnings before accounting changes declining 12 percent to $1.3 billion, compared with $1.5 billion in the same quarter a year ago.

For the nine months, the majap segment posted a 4 percent drop in revenue, hitting $4.25 billion, compared with $4.45 billion in the same period last year.

Profit in the majap segment recorded a 10 percent decline for the nine months, coming in at $455 million, compared with $503 million in the year-ago period.

Nine-month revenue at GE Capital declined 13 percent to $42.4 billion, compared with $48.6 billion in the same period last year.

Profit for the nine months at GE Capital, however, rose 5 percent to $4.2 billion, compared with $4 billion in the same period a year ago.