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Business

US auto giant GM reports first quarterly profit since 2007

Text by News Wires

Latest update : 2010-05-17

General Motors reported Monday a post-bankruptcy quarterly profit for the first time in three years of nearly 900 million dollars. It had reported a post-bankruptcy 2009 loss of 4.3 billion dollars.

AFP - US auto giant General Motors reported Monday a post-bankruptcy quarterly profit for the first time in three years of nearly 900 million dollars.

The net income during the January-March period came on the back of sales and revenue of 31.5 billion dollars, up from 22.4 billion dollars in the corresponding period in 2009.

"We're pleased with our first-quarter performance, in particular achieving profitability," said Chris Liddell, GM vice chairman and chief financial officer.

"In North America we are adding production to keep up with strong demand for new products in our four brands."

In its first-quarter earnings report, GM said net income attributable to stockholders reached 865 million dollars from a massive loss of 5.98 billion dollars during the same period in 2009.

GM, which received 50 billion dollars of government financing for its bankruptcy restructuring, said last month it was able to pay off 8.4 billion dollars in government loans ahead of schedule.

It had reported a post-bankruptcy 2009 loss of 4.3 billion dollars.
 

Date created : 2010-05-17

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