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GM loses $8.6 billion in 2005
Cat : Euro/ Dollar
Date : 2006-01-26 18:34:17                      Reader : 569

Just few days ago Ford intended to cut 25000 to 30000 jobs for same reason. What news for Bush, who spends all his time talking about Osama. Al-qaeda!! Bush have no problems except fictive war with the invisible!! What is strange is that Bush is proud with the Republicans to make Al-qaeda their program of coming elections!!

Associated France Press (AFP) 26/1/2006
GM loses $8.6 billion in 2005
DETROIT, United States (AFP) - General Motors has said it lost 8.6 billion dollars in 2005, as the world's largest automaker struggled with a host of financial woes and brutal competition in the US market.
"2005 was one of the most difficult years in GM's history, driven by poor performance in North America," GM chairman and chief executive Rick Wagoner said Thursday.
"It was a year in which two significant fundamental weaknesses in our North American operations were fully exposed -- our huge legacy cost burden and our inability to adjust structural costs in line with falling revenue. Our results were also dramatically and adversely affected by charges for restructuring and matters associated with (former parts unit) Delphi Corp.'s Chapter 11 (bankruptcy) filing."
The Detroit-based auto group said the huge loss amounted to 15.13 dollars a share, including special items, compared with net income of 2.8 billion dollars, or 4.92 dollars per share, in 2004.
The figures included a loss of 4.8 billion dollars in the fourth quarter, as well as hefty restructuring charges.
"In order to improve financial results in 2006 and 2007, we are moving quickly to implement several important actions that will address these weaknesses in North America," Wagoner said.
"And we have a good line of sight on the steps we need to take to further reduce structural costs on a global basis that will position GM for long-term success."
Revenue was 192.6 billion dollars in 2005, compared with 193.5 billion in 2004. Over the past quarter, revenue fell to 51.2 billion dollars from 51.4 billion in the comparable period of 2004.

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