GM Back In The Black; Pulls In Huge Profit Figures Of $865 Million
May 18th, 2010 - 7:11 pm ICT by GDBy Ranjan Bhaduri
New York, May 18 (THAINDIAN NEWS) General Motors is back on the tracks once again which seems to be a positive sign for the allround growth of the American automobile industry. Reportedly, General Motors is one of the biggest in the industry which has survived the pangs of recession and have bounced back well. In fact at a certain point in time, it was speculated that the company would finally prepare papers for bankruptcy by the end of the final quarter in the year of 2009.
General Motors went ahead with their declaration of their net income on Monday May 17. The net income for the company was said to be $865 million.This is undoubtedly one of the greatest figures scored by the company since their year of distress in 2009 when the company suffered a loss of $6 billion.
Chris Liddell who happens to be the chief financial officer for General Motors told the media that he is optimistic that General Motors is sure to settle some profitable scores this quarter. In his opinion General Motors could also come up with an IPO as the current year draws in close which is speculated to be a profitable era for the entire automobile industry. General Motors is looking good this quarter and the revenue earnings are shooting up by a rate margin of 40 percent. In the U.S. itself the sales have witnessed an increment by a rate margin of 17 percent as in the current quarter. This received a boost with the total operating profit that was witnessed way back in North America. Moreover, the sales figures in Latin America and Asia are also inspiring which marks good fortune for the company.
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Tags: american automobile industry, asia, bankruptcy, chief financial officer, chris liddell, earnings, general motors, gm, good fortune, increment, ipo, latin america, net income, north america, operating profit, pangs, point in time, profit figures, recession
