General Electric reported a drop in second-quarter earnings yesterday amid continued headwinds in its power generation division, although other industrial businesses performed well, reports AFP from New York.

The US industrial giant said profits came in at $615 million, down 29.7 percent from the year-ago levels.

Revenues rose 3.5 percent to $30.1 billion.

GE’s valuation has plummeted over the last two years due to weak market conditions in two of its largest divisions, power and oil and gas.

The company was kicked out of the prestigious Dow index in June.

In the second quarter, oil and gas saw a jump in revenues as more petroleum companies pursued projects with higher commodity prices. GE’s aviation and healthcare businesses also turned in solid performances.

But GE’s power division continued to languish, with orders, revenues and segment profit all falling.

GE chief executive John Flannery said a strategic reorganization unveiled in June would put the company on the right track. The blueprint calls for exiting the healthcare and oil services business.

“We are progressing our plans to make GE simpler and stronger,” Flannery said.

Shares rose 1.0 percent to $13.87 in pre-market trading.