Asia Bizz: General Motors Earns The Biggest Quarterly Profit For The First Time Since 2004
American automotive giant, General Motors, has earned its biggest quarterly profit for the first time since 2004. It has been reported the figures came out on Thursday, a day before the government was going ahead of slashing jobs from the American car maker. The car manufacturer earned $1.3 billion in its second quarter compared to the $865 million earned in the first quarter.
A few years ago the American company sank head first and needed $50 billion funds from the American government to restructure itself. The revenue came up to $33.2 billion from $31.5 billion. The company stated that its earnings were very impressive and it will be building a better stock in the market something that is considered to be the largest to ever take place in the automotive market.
The American car manufacturers have been hit hard by the ongoing economic crisis, and reports say that each company is striving to pull itself out from the financial mess. GM has shown the signs of improvement but the wobbling American economy is always a point of concern.