GM posts 3.3 bln dollar loss amid weak US market
AFP, April, 2008
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CHICAGO (AFP) — General Motors Corporation, the leading US automaker, reported Wednesday a first-quarter loss of 3.3 billion dollars, citing weakness in the domestic auto industry and special charges.
GM reported a net loss of 3.3 billion dollars, or 5.74 dollars per share in the January-March period, compared with a net loss from continuing operations of 42 million dollars, or seven cents per diluted share, in the year-ago quarter.
However, the first-quarter loss excluding special items narrowed more than expected.
Excluding exceptional items, the automaker posted a loss of 350 million dollars, or 62 cents per share, far better than market expectations of 1.54 dollars. A year ago, those losses were 10 million dollars, or one cent a share.
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