General Motors posts 2 billion dollars gain in third quarter

08:06, November 11, 2010      

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General Motors Co. reported a third-quarter net income of 2 billion U.S. dollars, the Giant U.S. automaker said Wednesday.

This is the third consecutive quarter in the black, as the Detroit automaker prepares to begin selling its stock on the New York Stock Exchange Nov. 18.

In the second quarter, it reported 1.33 billion dollars in net income.

Revenue also climbed in the third quarter, to 34.1 billion dollars, up from 33.2 billion dollars in the second quarter.

GM reported net operating cash flow of 2.8 billion dollars in the third quarter and free cash flow of 1.4 billion dollars. In the second quarter, it reported a free cash flow of 2 billion dollars.

"As demonstrated by our third consecutive quarter of profitability and positive cash flow, these results continue our significant progress," said Chris Liddell, GM vice chairman and chief financial officer.

In the third quarter, GM's North American operations had a pretax profit of 2.1 billion dollars, up from 1.6 billion dollars in the second quarter. But GM Europe posted a pretax loss of 600 million dollars, compared to a 200 million dollars loss in the second quarter.

GM's International Operations reported a profit of 600 million dollars before interest and taxes, down from a pretax profit of 700 million dollars in the second quarter.

Source: Xinhua


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