24 Feb '11, 2pm

GM back in black after rescue

GM back in black after rescue

NEW YORK : Leading US carmaker General Motors was back in the black after a massive government rescue, reporting on Thursday full-year net earnings of US$4.7 billion for 2010 after deep losses in the previous year. In its first annual report since emerging from bankruptcy reorganisation, GM said it had been profitable over four consecutive quarters, including US$500 million net income in the fourth quarter ended December 31, even after net charges of US$400 million related to repaying the federal government for its massive bailout. The company said that it had officially returned to stable footing, with its audit committee ruling it was no longer hobbled by any "material weakness." "Our focus for 2011 is to build on our progress and continue to generate momentum in the marketplace. We expect our first quarter will be a strong start," said chief financial officer Chris Lidd...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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