6 May 2011

GM Q1 profit soars

11:53 am on 6 May 2011

General Motors has reported its highest quarterly profit in more than a decade.

The US carmaker made $US3.2 billion in the first three months of the year, three times more than what it made in the same period last year.

Revenues rose 15% to $US36.2 billion. Sales worldwide were up 12%. In the United States, sales were 25% higher.

The US Government still owns almost a third of General Motors, following its bailout in 2009.

The BBC reports the results were helped by a recovery in the US market and strong sales in China.

The profit was also boosted by proceeds from the sale of its stake in Delphi Automotive, its former car parts division.

Excluding that, and other one-off items, its profit was $US1.7 billion.