GM Posts USD 4.3 Billion Loss in 2009, Hoping for Profit in 2010

Chevrolet Cruze WTCC Model at Auto Expo 2010

General Motors Corporation USA announced loss of $ 4.3 bn on Wednesday in post bankruptcy financial results for July – Dec 2009.

GM saw total sales and revenue raise of 22 percent to $57.5 billion in the second half of 2009, from $47.1 billion. The American giant also generated $1 billion in cash during that period, and by the end of the year it had $22.7 billion in cash reserves.

GM lost $4.3 billion during second half of 2009, including a $2.6 billion settlement related to UAW healthcare and a $1.3 billion foreign currency re-measurement loss. Inspite of billions of bailout loans, GM could not produce an ideal post bankruptcy balance sheet.

According to a statement from the company’s chief financial officer, Christopher Liddell, “As the results for 2009 show there is still significant work to be done. However, I continue to believe we have a chance of achieving profitability in 2010. We are also dedicated to delivering on our commitments to our stakeholders. For example we remain committed to repaying the outstanding balance of the U.S. Treasury and Export Development Canada loans by June 2010 at the latest.”

GM plans to payout its debts to the U.S. and Canadian governments by June 2010, with an IPO likely for later this year.

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