GM's H2 net loss at $4.3 bn after exiting bankruptcy

Automaker General Motors has reported a net loss of $4.3 billion in the first six months after exiting bankruptcy in July last year, but hopes to return to black in 2010.

The company's $4.3 billion net loss for July 10- December 31, 2009 period, includes pre-tax impact of a $2.6 billion settlement loss related to the United Auto Workers (UAW) retiree medical plan and a $1.3 billion foreign currency re-measurement loss.

"The results for 2009 show there is still significant work to be done. However, I continue to believe we have a chance of achieving profitability in 2010. We are also dedicated to delivering on our commitments to stakeholders," GM Chief Financial Officer Chris Liddell said.

The company posted net sales and revenue of $57.47 billion in the reviewed six months period.

The total costs and expenses incurred during the July-December period stood at $62.4 billion.

The new GM was formed on July 10, 2009 through the acquisition of all assets and certain liabilities of Motors Liquidation Company (formerly General Motors Corp).