Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Benin feels the pinch of Nigeria's economic woes

Read more

BUSINESS DAILY

Deutsche Bank shares recover after turbulent week

Read more

MEDIAWATCH

Inside Aleppo: 'Feels like prison'

Read more

THE WORLD THIS WEEK

The Legacy of Shimon Peres, The Battle of Aleppo (Part 1)

Read more

THE WORLD THIS WEEK

Trump-Clinton Debate, Colombia Peace Deal, Death of the BlackBerry (Part 2)

Read more

FRANCE IN FOCUS

Backstage at Paris Fashion Week

Read more

FASHION

Paris Fashion Week: Saint Laurent, Lanvin, present new designers

Read more

#THE 51%

Online and proud: Iranian women use social media in a campaign for equality

Read more

#TECH 24

Say hello to Pepper!

Read more

Business

GM reports net loss of $5.9 billion in first quarter

Latest update : 2009-05-07

Debt-ridden US carmaker General Motors has reported a net loss of 5.9 billion dollars in the first quarter. The Detroit firm is struggling to meet a June 1 deadline to complete a major restructuring plan or face the prospect of bankruptcy.

AFP - Troubled US auto giant General Motors on Thursday reported a net earnings loss of six billion dollars in the first quarter, as it faced the prospect of bankruptcy saddled with mounting debt.

Excluding special items, GM reported an adjusted net loss of 5.9 billion dollars, or 9.66 dollars per share, compared to a 381 million dollars loss or 67 cents per share, the company said in a statement.

Most analysts had expected the largest US-based automaker to post a loss of 11.05 dollars per share, meaning a loss of more than 6.7 billion dollars.

GM said its first quarter revenue plunged 47 percent to 22.4 billion dollars from 42.4 billion dollars in the year-ago quarter.

"The drop in revenue was primarily due to GM's production volume decline of 903,000 units, or approximately 40 percent, on a global basis year-over-year," the statement said.

Debt-ridden GM has taken more than 15 billion dollars in government loans and faces a June 1 deadline to complete a major restructuring plan or force to follow its rival Chrysler into bankruptcy court.
 

Date created : 2009-05-07

COMMENT(S)