The real estate segment at GE Capital, Norwalk, Conn., lost $524 million in the second quarter of 2010, about twice as much as a loss of $237 million for the same period one year ago.
Revenues declined during the same time to $991 million from $1.0 billion. GE Capital itself turned a profit.
The chairman and chief executive of parent company GE, Jeffrey Immelt, said: “Higher income and lower losses at GE Capital were particularly encouraging, with pre-tax earnings of $0.7 billion.
We continue to see improvement in key performance measurements. Losses and impairments declined $0.5 billion from the prior quarter, with consumer losses down $0.4 billion and real estate losses in line with our expectations.”
