GM Loses $4.3 Billion In Latter Half Of 2009
DETROIT (AP) — General Motors Co. says it lost $4.3 billion in the last half of 2009 as it struggled to emerge from bankruptcy protection, repay government loans and cope with a severe downturn in U.S. sales.
However, the automaker says it still sees a chance of achieving profitability in 2010.
GM's results aren't comparable to prior years. They only measure the period from July 10, when GM emerged from bankruptcy protection after shedding billions in debt, through Dec. 31.
The Detroit company reported revenue of $57.5 billion for the period.
GM arrived at the totals using fresh-start accounting, which allows companies to completely revalue their assets after bankruptcy protection. GM says it's the largest company ever to go through the fresh-start process.