General Electric reports $18 billion loss due to finance sale charges

NEW YORK (AFP) - General Electric on Friday reported a US$13.6 billion (S$18 billion) first-quarter loss on charges from its plan to sell most of GE Capital as profits rose in four of seven industrial businesses.

The big loss had been expected after GE said a week ago that it would take about a US$16 billion charge due to the GE Capital divestment. GE reported US$3 billion in profits in the year-ago period.