General Motors Corp. (GM) Turns it Around
General Motors Corp. reported a net profit on Wednesday of $950 million for the fourth quarter of 2006 due to cost cuts, higher automotive revenues and a gain on the sale of its finance division.
It was a turnaround from a $6.6 billion loss in the same period a year ago.
The world's biggest automaker, which is in the midst of a massive overhaul that includes shedding thousands of jobs and closing plants to become more competitive with Asian automakers like Toyota Motor Corp., wound up with a loss of $2 billion for all of 2006 compared with a restated loss of $10.4 billion in 2005.
It was a turnaround from a $6.6 billion loss in the same period a year ago.
The world's biggest automaker, which is in the midst of a massive overhaul that includes shedding thousands of jobs and closing plants to become more competitive with Asian automakers like Toyota Motor Corp., wound up with a loss of $2 billion for all of 2006 compared with a restated loss of $10.4 billion in 2005.
Labels: General Motors Corp., GM
posted by Stock Administrator @ 8:49 AM
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