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Following Ford's, Chrysler's and Toyota's profits...


GM posts first quarterly profit since 2007

General Motors Co. posted its first profitable quarter in three years yesterday, buoyed by strong international sales, -- especially in China -- fewer incentives and cost savings realized through its bankruptcy restructuring last summer.

The automaker also said profitability in 2010 as a whole is achievable after the stronger-than-expected performance in the first three months.

"That is clearly our objective and the first quarter harkens to me that we're on the right track," said Chris Liddell, GM chief financial officer, on a conference call yesterday discussing the results.

GM said it earned US$856-million in the first three months of the year, its first quarterly profits since 2007. But management continued to remain coy about the timing of a public offering of its shares. An IPO is seen as key for the governments of the United States, Canada and Ontario to realize their US$50-billion equity interest in GM they took last summer during its Chapter 11 restructuring. More...
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