GM posts second successive quarter of profits; strong growth in US division; Euro losses decrease

General Motors has recorded a $1.3 billion (£835 million) profit in the second quarter of 2010.

It is the second successive quarter of profitability at GM; its first-quarter profits were $865m (£555m).

Read more on GM's first quarter profits

GM’s North American division posted a $1.6bn (£1.03bn) profit in the quarter before taxes and interest – a $400m (£250m) increase over the previous quarter – while pre-tax and interest losses were reduced in GM’s European division from $300m (£190m) to $200m (£130m) in the second quarter.

GM’s International Operations recorded a before taxes and interest profit of $700m (£450m), down from the $1.2bn (£770m) profit in the previous quarter.

Chris Liddell, GM’s vice chairman and chief financial officer, said, “I am pleased with our progress on achieving our business objectives. We have delivered strong product, maintained cost discipline, progressed strategic initiatives, such as restructuring Europe and acquiring AmeriCredit, and delivered two consecutive quarters of profitability and positive cash flow.”

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13 August 2010

Of course they made a significant profit, their debts have been wiped off their balance sheet. I also read on the internet about a month ago that the US government is buying loads of GM vehicles (the impala) to sure up profits and use rhetoric to fool the US taxpayer into thinking it was a good investment.

Just to put the US car giants debt into perspective, on bloomberg the other day they had an article stating that for every car Ford (didn't get a bailout) builds, over $300 goes towards interest payments for their corporate debts.

Furthermore GM has just bought Americredit a firm that will allow it to sell cars to sub prime borrowers again.....Will they never learn! Its just a big cycle that will lead to the same old problems and as long as they know the government is their to save them they will continue.

13 August 2010

Codandchipsthrice ain't gonna like this.

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