Loss deepens, but revenue rises at GM
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Manufacturing News, Source : The Manufacturer US
Published : 26 Jul 2006 14:52
General motors has announced a net loss of $3.18 billion for Q2 2006, although revenue lept 12 percent, and shares rose 4 percent in premarket trading.
While the figure is enormous compared to the $987 million loss of Q2 2005, this year's loss is artificially high, as it includes one-time spendings on CEO Rick Wagoner's turnaround initiative. This includes the upcoming sale of majority share in General Motors Acceptance Corp. (GMAC), and taxes related to numerous buyouts and voluntary early retirements, as part of the nearly 35,000 workforce reduction plan.
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