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GM Posts $15.5 Billion 2nd-Quarter Loss - ASHARQ AL-AWSAT English Archive
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DETROIT, (AP) – General Motors Corp. says its losses widened to $15.5 billion in the second quarter as North American sales plummeted and the company faced expenses due to labor unrest and its massive restructuring plan.

It’s the third-largest quarterly loss in company history.

The company says the loss includes $9.1 billion in one-time charges, including $3.3 billion for the buyouts of 19,000 U.S. hourly workers.

The second-quarter loss was $27.33 per share, compared with net profit of $891 million, or $1.56 per share for the same period a year ago. GM reported revenues of $38.2 billion, down $8.5 billion from a year ago.

The loss also includes $1.3 billion worth of write-offs because of a decline in value of GMAC Financial Services’ portfolio of trucks and sport utility vehicles. Those vehicles’ sales have plummeted due to high gas prices.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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