GE Capital is not set to pull funding to Australian retailers the Company said today. “Australia is the third largest market in the world for us and we are here to stay the Companies CEO has told ChannelNews.
GE Capital is not set to pull funding to Australian retailers the Company said today. “Australia is the third largest market in the world for us and we are here to stay the Companies CEO has told ChannelNews.
Earlier today there were fears that the Company was facing funding cuts after GE capital reported losses in excess of $200 million in Australia.
“GE Capital is profitable, our balance sheet is in good shape, and we are well-positioned in today’s challenging operating environment. We have good cash flow from operations and are well funded for the long term. GE Capital Australia & NZ is the third largest platform for GE Capital globally and the company is fully committed to the ongoing growth and development of the business here.” Steve Sargent, CEO, GE Capital.
Sargent also said that the Company saw no need to make any provisions for potential tax penalties. Current the Companies Payroll and Group Certificates are being audited. “We are comfortable with this investigation” said a Company spokesperson.
The concerns arose after a report was filed to the Australian Securities Exchange, in which the company declared a $2.28bn deficiency in net current assets as at June 30, with accumulated losses of $263.8m.
Early in 2009 GE Money and business lender GE Commercial Finance were merged while sacking 400 staff. This came on top of 350 sackings in 2008.
