GE Infrastructure sees 10 to 15 percent growth
SINGAPORE - General Electric Co's infrastructure unit, GE Infrastructure, said it will maintain its business growth forecast of 10-15 percent for 2008, despite rising costs.
Chief Executive Officer John Rice said he expected rising inflation and higher commodity prices to be challenges but said demand for GE's products and services was still strong.
"We are providing critical products and services to companies and countries who are mining and selling commodities. Demand for these products have surged with the increase in commodities costs," Rice said in an e-mail interview.
"Demand for our products continues even as we have to raise prices due to raw material costs going up," he said, ahead of his visit to Singapore for an industry conference.
"We are focusing on reducing our expenses, and... finding ways to cut costs by managing our supply chain, controlling costs and improving efficiencies," he said.
GE Infrastructure makes engines, electrical turbines and water purification plants and also provides financial services.
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Energy Minister Sontirat Sontijirawong said after the cabinet meeting on Tuesday that the ministers acknowledged the step taken by from the Energy Regulatory Commission, the Electricity Generating Authority of Thailand, the Metropolitan Electricity Authority and the Provincial Electricity Authority.
The measure would be valid for three months, from March to May, and cover 22 million households. It would cost the state 23.68 billion baht in lost revenue, he said.
