General Motors posts $4.3B loss image

General Motors posted a $4.3 billion loss for the second half of 2009 but could be profitable this year, the company announced Wednesday.

The Detroit automaker said it generated $1 billion in cash on operations from July 10 until Dec. 31. The company said it generated $57.5 billion in revenue during that period.
The net loss of $4.3 billion includes the pretax impact of a $2.6-billion payment to the UAW retiree health care trust fund.

Chris Liddell, GM chief financial officer, noted that while the automaker had a US$4-billion loss, excluding interest and tax, during the fourth quarter, that included US$3.4-billion that can be attributed to certain non-re-occurring items, including the UAW retiree charge.

“Despite the results you’ve seen from the fourth quarter, I believe we have a chance at achieving profitability this year, at least at the operating level,” said Mr. Liddell on a call Wednesday. “GM should never be in the financial position it found itself in last year.”

The company generated $32.3-billion in revenue for the fourth quarter, and $57.5-billion since it emerged from bankruptcy in July, he noted.