Business NEWS
How General Motors lost $1.15 Billion?
By Germaine Lombardo for CEOWORLD Magazine Updated:November 16, 2009
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General Motors Corp (NYSE:GRM), firm which emerged after bankruptcy protection, has reported a loss of $1.2 billion in the three months ended September this year.
The company’s revenue stood at $28 billion in the third quarter of this year, up about $4.9 billion as compared to revenue of General Motors Corporation (Old GM) in the second quarter of 2009, GM said while reporting its first financial performance figures since it began operations as a new company on July 10, 2009.
Amid improving global economic conditions, its healthier cash position and stabilising industry sales, GM also announced plans to accelerate repayment of its outstanding loans with the US and Canadian governments ahead of schedule.
“We have significantly more work to do, but today’s results provide evidence of solid foundation we’re building for the new GM. With a healthier balance sheet and a competitive cost structure, our focus is on driving top line performance,” GM President and CEO Fritz Henderson said.
“We’ll achieve that by winning customers over, one at a time, with vehicles that deliver performance and value,” Henderson added.
For the July 10-September 30 period, GM had positive managerial operating cash flow of $3.3 billion, reflecting favourable working capital impact from production start up, timing of supplier payments and lower capital spending, a company statement said, business-standard reported.
GM’s global presence helped the company, particularly in China, where its sales of 478,000 in the third quarter increased 6 percent over the second quarter. GM earned $429 million before taxes and interest at its Asia Pacific unit, which includes China, and $245 million in Latin America. It had pretax losses of $651 million in North America and $437 million in Europe.
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