First GM Profit in Three Years
Canadian Auto Press
Profit? At GM? Either the end is near or we’re at an all-new beginning, but the General’s shareholders won’t be counting down the days to 12/12/2012 but rather hoping to count on a dividend check at the end of the year.
GMC Yukon Denali
Ok, likely you the taxpayer won’t be getting an Alberta-style financial kickback in the form of a dividend anytime soon, but good news like this can help to boost the spirits of an economy that’s still fighting its way back from a near death experience.
The Detroit-based automaker posted a $1.2 billion domestic profit for the first quarter of 2010, due to less debt and the sale of Saab to Spyker. Compared to the $3.4 billion loss the automaker experienced in Q4 of ’09 its time to celebrate, and GM’s net Q1 2010 income of $865 million should be enough for quite a party.
The global scenario is improving too, with an identical $1.2 billion profit overseas. That’s a 500 million increase over Q4 of 2009, all good signs before the biggest of the Big 3 goes back on the board with a fresh new IPO later this year or early next.
