GM Returns to Profit

May 17, 2010
Q1 profit of $900 million

General Motors reported on May 17 a post-bankruptcy quarterly profit for the first time in three years of nearly $900 million.

The net income during the January-March period came on the back of sales and revenue of $31.5 billion, up from $22.4 billion 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 CFO.

"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 from a massive loss of $5.98 billion during the same period in 2009.

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

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

Copyright Agence France-Presse, 2010

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