Business

GM reports first post-bankruptcy profit!
by Barbora Misakova

General Motors has a cause for celebration. This U.S. automaker which manufactures cars and trucks in 34 countries and sells and services vehicles in some 140 countries had serious problems in the past. Economic recession struck this auto giant and US government had to play a game called victim and savior. In 2009 it had reported loss of 4.3 billion dollars and so it was reorganized and now is General Motors temporarily majority owned by the United States Treasury. Under the Troubled Asset Relief Program the US government invested a total of $57.6 billion just to help the company out of mud. On April 21, 2010 General Motors announced it had paid back the entire amount of th! e US and Canadian government loans with interest. A total amount was $8.1 billion. According to their latest statement on Monday, company is doing well even with profit! GM reported yesterday their quarterly profit for the first time in three years is nearly 900 million dollars! As expressed Chris Liddell, General Motors vice chairman and chief financial officer: “We are pleased with our first-quarter performance, in particular achieving profitability.” And there is no surprise as in its first-quarter in 2009 stockholders reached $5.98 billion loss. This year a net income attributable to stockholders reached 865 million dollars, and that is really a different cup of coffee! And what are their plans for the future? Chris Liddell said: “In North America we are adding production to keep up with strong demand for new products in our four brands.” So good luck, GM!

related story (sgx17324): http://www.france24.com/en/20100517-usa-auto-giant-gm-report...

by Barbora Misakova for Cantell TV (http://cantell.tv)

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posted by Blog TechSource @ 4:42 PM