GM posts $1.2 bn profit for Jan-March, revenue up 40.32%

General Motors today reported a net income of $1.2 billion for the January-March quarter of 2010, as against a loss of $5.9 billion in the corresponding period of the previous fiscal.

The company's total revenue during the quarter jumped by 40.32 per cent to $31.5 billion from $22.4 billion in the corresponding period of 2009, the company said in a statement.

"We're pleased with our first quarter performance, in particular achieving profitability. In North America, we are adding production to keep up with strong demand for new products in our four brands," General Motors Company (GMC) Vice Chairman and Chief Financial Officer Chris Liddell said.

"We're also steadily growing in emerging markets, keeping our costs under control, generating positive cash flow and maintaining a strong balance sheet. These are all important steps as we lay the foundation for a successful GM," Liddell said.

During the first quarter, GMC sold 19,98,000 units compared to 16,17,000 units in the same period last year, up 23.56 per cent.