GM reports $4.7 billion net in 2010
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U.S. auto giant General Motors Co. (GM) on Thursday reported 4.7 billion U.S. dollars of net profit for the whole year of 2010, its first annual profit since 2004, indicating a remarkable turnaround from bankruptcy two years ago.
GM on Thursday released its rosy financial results for 2010 as a new company, saying it's achieved four consecutive quarterly profits in 2010 and the whole year's earnings per share arrived at 2.89 dollars on a diluted basis.
Dan Akerson, GM's chairman and chief executive officer, was fairly satisfied with the company' s performance, saying "we demonstrated GM's ability to achieve sustainable profitability near the bottom of the U.S. industry cycle."
According to the financial report, GM's revenue for the year 2010 amounted to 135.6 billion dollars while the automotive cash flow from operating activities reached 6.6 billion dollars.
Meanwhile, GM earned 2.2 billion dollars in the overseas market in 2010, but sill suffered a loss in Europe with a 1.7-billion-dollars loss before interest and taxes.
Looking into 2011, Chris Liddell, vice chairman and chief financial officer, said that the company would further its progress and continue to generate momentum in the marketplace. "We expect our first quarter will be a strong start."
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