GEC posts 7% increase in pretax profit

Article Abstract:

General Electric Co. posted a pretax profit of 1.08 billion pound sterling before exceptional items for the year ending March 31, 1998, up 7% from 1.01 billion pound sterling the previous year. Although it took a 750 million pound sterling hit from the strength of the sterling, the company also enjoyed a 5% rise in sales to 10.4 billion pound sterling. General Electric, which just completed a year of restructuring, said it intends to continue expanding its major operations. The company will also buy back shares of some 358 million pound sterling as part of a move to manage its cash-loaded balance sheet.

Comment:

Posts pretax profit of 1.08 bil pound sterling for year ending 3/31/98, up 7% from 1.01 bil pound sterling the previous year

Electric Industrial Equipment, Electrical Equipment Manufacturing, Industrial equipment, Electric equipment, General Electric Co.

British Steel posts profit that beats analyst forecasts

Article Abstract:

British Steel PLC reported GBP315 million, or 11.4 pence a share, in pretax profits for a one-year period ended on Mar. 28, 1998. British Steel's pretax earnings for the said period marked a 30% decline figure-wise, but they were sufficient to surpass bullish industry analysts' projections of GBP300 million in profits for the company. The company also reported sales of GBP6.95 billion for the year ended on Mar. 28, 1998, which marks a 3.7% decline from year-ago revenue levels.

Comment:

Reports GBP315 mil, or 11.4 pence a share, in pretax profits for a one-year period ended on 3/28/98

Primary Iron & Steel, Iron and Steel Mills and Ferroalloy Manufacturing, British Steel PLC

GKN's results buoy prospects for more deals

Article Abstract:

GKN PLC posted a 14% increase in pretax profits and a 10% growth in sales for 1998. The strong performance improved the company's outlook for 1999. GKN, a UK-based industrial firm, posted 462 million pound sterling ($746.6 million) in pretax profits. Analysts had predicted profits of 469 million pound sterling. The company's sales increased to 3.71 billion pound sterling.

Comment:

Posts 14% increase in pretax profits and 10% growth in sales for 1998

Diversified Companies, Abstract, GKN PLC