GM's loss less than reported; SEC probing metals deals

0 Comments | AFP, November, 2006

WASHINGTON (AFP) — US auto group General Motors Corp. said that its third quarter loss was not as large as it had previously reported due to a series of loan sales that had not been accounted for. GM, which is cooperating with government investigators on a number of probes, also said the Securities and Exchange Commission (SEC) had issued it with subpoenas related to its metal raw materials deals.

The auto giant said in an SEC filing that its third quarter net loss was 91 million dollars, or 16 cents a share, and not 115 million dollars, or 20 cents, as it had stated on October 25. The US carmaker said its quarterly loss had been shaved by 24 million dollars due to "additional loan sales" that had not been reported by its GMAC finance unit. GMAC provides vehicle financing...