Singapore's revenue increases by 38 percent to USD727 million
Singapore, February 6, 2007 --- GE Singapore announced record full-year 2006 revenues of USD727 million, a 38 percent increase from 2005 revenues of USD526 million.
Southeast Asia revenues also increased by 18 percent, fromUSD2.53 billion a year before to USD3.0 billion.
GE's Infrastructure business in Singapore, which includes GE Oil & Gas, GE Aviation, and GE Water & Process Technologies, among others, recorded a revenue growth of 131 percent. A major contributor to the growth was GE Aviation's delivery of GE90-115B engines powering the new Boeing 777-300ER planes to Singapore Airlines at the end of Q4, 2006. This contract includes an OnPoint Solution Service agreement for the maintenance, overhaul and repair of the world's largest engines.
GE Money also recorded a revenue growth of 86%, with a pioneering effort in the Singapore market. Partnering with SingPOST (Singapor'e's postal company), the business has successfully reached out to the heartlands by offering affordable, accessible products (ezyCash & James) focused on customer service, and adopting responsible lending practices. The company has been recognized for its leadership and innovation at the Asian Banker Excellence in Retail Financial Services Awards by winning the "Best Consumer Credit Product" for ezyCash.
Its Healthcare revenues grew by 56 percent, an increment of USD10 million from the USD18 million recorded last year. GE Healthcare's clients in Singapore include SingHealth and Parkway Group. GE recently made a series of acquisitions, including the acquisition of two diagnostic businesses from Abbott Laboratories, which would make it an even bigger player in the Healthcare industry. Aging populations are driving growth in healthcare around the globe, and the Abbott acquisition will expand GE's Healthcare business to better serve the market.
"Our actions globally impact our local business. As such, we expect the Abbott acquisition to provide our Healthcare business locally with the most comprehensive set of early diagnosis and technology solutions in the world, aiding our local healthcare providers," Colin Low, President, Singapore, GE International explained.
"Our objective for 2007 is the same as a year before - We want to make GE Singapore a safe and reliable growth company, which generates high double digit revenue double-digit earnings, and expanding returns," said Mr. Low.
"We really want to focus on five levels - great businesses, growth initiative, operating performance, great people and owning the future. And we're doing exactly this in Singapore and realizing great financial results, as shown in our 2006 figures," he continued.
GE (NYSE: GE) is Imagination at Work --- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
GE's relationship with Singapore dates back to 1969 when the company opened a number of electronics manufacturing plants. These were subsequently followed by an aircraft engine maintenance, repair and overhaul shop and a plastics plant. Today, GE works closely with local partners on key infrastructure projects in the energy, transportation, health sectors and financial services. Under GE Money brand, GE offers financial products in private label credit cards, personal loans, insurance and retail finance to consumer.
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