The U.S.-based multinational conglomerate General Electric announced Friday that its net loss widened during the first quarter of this year, but its revenues increased.
The company posted a net loss of $1.18 billion for the January-March period of 2018, according to its financial statement.
It had a net loss of $117 million during the same period of 2017.
Revenue, on the other hand, posted a 6.6 percent increase year-over-year.
General Electric had a revenue of $28.66 billion in the first quarter of this year, compared to $26.88 billion the same period a year ago.
'The first quarter is a step forward in executing on our 2018 plan and we are seeing signs of progress in our performance,' Chairman and CEO John Flannery said in the financial statement.
'Industrial earnings, free cash flow, and margins all improved year over year. We reduced Industrial structural costs by $805 million and are on track to exceed our cost reduction goal of $2 billion in 2018,' he added.
With an increase in revenue year-over-year, the company's shares posted gains in the U.S. stock market.
After closing Thursday at $13.99 per share, General Electric stock price climbed 7.6 percent to as high as $15.05 a share on Friday shortly after the opening.
By Ovunc Kutlu in New YorkAnadolu Agency
energy@aa.com.tr