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Loss on Financial from GE Capital Australia
Kowloon Johnson
The latest results have seen the company's director's state that GE CA's financial position indicates an uncertainty that the consolidated entity can continue as a going concern in the foreseeable future. Financial services company GE Capital Australia has reported a loss of A$637 million for the first six months in 2009, with a revenue loss of A$1.16 billion or 46 percent. It's parent company General Electric has stated that GE CA would receive funding for the next 12 months.
The Australian arm of JPMorgan has reported a A$87 million profit for the six months to June 30. The capital markets and investment banking company posted a revenue jump from A$106 million to A$313 million, while pre-tax earnings climbed to A$124 million. The company has noted that its latest results had increased due to raising arrangements with companies such as, Santos, Wesfarmers, Westfield, Australian and New Zealand Banking Group, Amcor and Westpac.
The announcement came last Friday when all parties met in Perth.
Source: http://classifieds.blogs.ozfreeonline.com/ozfree-classifieds-news-section/loss-on-financial-from-ge-capital-australia
9/28/2009
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