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Servicing delivers boost to GE in 2017

UNITED STATES: GE Renewable Energy's servicing business boosted the unit's revenue to $10.28 billion in 2017, an increase of 14%, while the whole group faced a loss for the year.

GE Renewable Energy performed well in 2017, compared with some of the conglomerate's other business units
GE Renewable Energy performed well in 2017, compared with some of the conglomerate's other business units

GE's Renewable Energy unit reported a 15% increase in revenues in Q4, up to $2.86 billion, thanks to a growth in its servicing department.

The company said the strong growth in servicing orders, up 38% year on year in Q4, was reflective of the "strong repower volume" in the US.

Equipment orders in the final quarter of 2017 fell 19%, the company said.

Across the full financial year, GE Renewable Energy saw revenue up 14%, orders up 1% — to $10.37 billion — and profit grow 26% to $727 million.

GE Power, which produces gas and steam turbines among other power generation equipment, saw profits fall 45% to €2.8 billion for the year.

This business segment operated below expectations, even excluding the negative impact of charges, the firm said.

The conglomerate had previously announced an $11 billion charge for insurance losses and taxation, forcing it to record a $10 billion loss overall in the fourth quarter.

GE Chairman and CEO John Flannery said: "The team is focused on operational execution, capital allocation and deep cost reduction to position us for continued improvement in 2018."

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