American giant, General Electric has said that its earnings increased 16 per cent during the first quarter of the year, which is higher than market expectations on the Wall Street for the company. The company recorded a profit of $3.53 billion compared to $3.03 billion recorded in the previous year.

The company benefitted from the sale of its stake in NBCUniversal but its revenues remained largely stable in the quarter due to weakness in the industrial market. GE received a one-time gain in industrial operations from the sale of NBCUniversal joint venture. Chief Executive Jeffrey Immelt said that the company is aiming to reduce its dependence on the financial division by focusing more on industrial businesses.

The company has been facing difficulty in improving its profit margins due to the weak industrial market conditions. The total revenue from the company’s industrial businesses fell 5.7 per cent to $22.67 billion. The industrial business, which also includes energy infrastructure and aviation, recorded 11 per cent lower profit at to $2.94 billion.

The company said that the its performance was mostly in line with expectations but industrial segment revenue in Europe were lower than expected due to the continued economic slowdown in the European region.