New York: General Motors Company, the new firm which emerged after bankruptcy protection, has reported a loss of USD 1.2 billion in the three months ended September this year.
The company's revenue stood at USD 28 billion in the third quarter of this year, up about USD 4.9 billion as compared to revenue of General Motors Corporation (Old GM) in the second quarter of 2009, GM said while reporting its first financial performance figures since it began operations as a new company on July 10, 2009.
Amid improving global economic conditions, its healthier
cash position and stabilising industry sales, GM also
announced plans to accelerate repayment of its outstanding
loans with the US and Canadian governments ahead of schedule.
"We have significantly more work to do, but today's
results provide evidence of solid foundation we're building
for the new GM. With a healthier balance sheet and a
competitive cost structure, our focus is on driving top line
performance," GM President and CEO Fritz Henderson said.
"We'll achieve that by winning customers over, one at a
time, with vehicles that deliver performance and value,"
Henderson added.
For the July 10-September 30 period, GM had positive
managerial operating cash flow of USD 3.3 billion, reflecting
favourable working capital impact from production start up,
timing of supplier payments and lower capital spending, a
company statement said.
The company stated that its global share was 11.9 per
cent in the third quarter, up 0.3 percentage points from the
first half of the year for Old GM.
"In China, Brazil, India and Russia (BRIC), GM had 13
per cent of the combined market share in the third quarter, up
0.2 percentage points from the second quarter of 2009," the
statement added.
GM finished the third quarter with US dealer inventories
of about 4,24,000 vehicles, a reduction of about 1,58,000
units from the end of the second quarter.
The statement said that GM plans to accelerate repayment
of its outstanding USD 6.7 billion in United States Treasury
(UST) loans and USD 1.4 billion in Export Development Canada
(EDC) loans ahead of the scheduled maturity date of July 2015.
GM plans to repay the US, Canadian and Ontario government
loans in quarterly instalments from escrowed funds, beginning
next month with an initial USD 1.2 billion payment to be made
in December (USD one billion to the UST and USD 192 million to
the EDC), followed by quarterly payments, it added.
First Published: Tuesday, November 17, 2009, 00:34