GM Posts $4.3 Bil in Losses

Financial World Update by Equities Magazine

Beverly Hills 4/07/2010 10:54 PM GMT (TransWorldNews)

General Motors posted a $4.3 billion loss in the second half of 2009 alone but the company anticipates profit for 2010 according to a Wednesday announcement. GM sales for March are pointing in that direction already as the company sold more vehicles for the month than they have in several years. 

"As the results for 2009, show there is still significant work to be done. However, I continue to believe we have a chance of achieving profitability in 2010." said GM vice chairman and chief financial officer, Chris Liddell.

The company still faces the hurdle of repaying the U.S. government which continues to own over half the company. GM has already reimbursed the government $8.4 billion of the $50 billion it owes in total. Despite this, the company is not as far away from profit as it would seem. $2.6 billion of the losses was comprised of money owed due to outstanding legal issues involving the medical plans of retired union workers. 

Without these issues to contend with and the growing sales for the company, GM is nearing the profitability margin for the current year.

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