GM posts $15.5 billion 2nd-quarter loss

Sat 2 Aug 2008
DETROIT - General Motors Corp. says its losses widened to $15.5 billion in the second quarter as North American sales plummeted and the company faced expenses due to labor unrest and its massive restructuring plan.

It's the third-largest quarterly loss in company history.

The company says the loss includes $9.1 billion in one-time charges, including $3.3 billion for the buyouts of 19,000 U.S. hourly workers.

The second-quarter loss was $27.33 per share, compared with net profit of $891 million, or $1.56 per share for the same period a year ago. GM reported revenues of $38.2 billion, down $8.5 billion from a year ago.

The loss also includes $1.3 billion worth of write-offs because of a decline in value of GMAC Financial Services' portfolio of trucks and sport utility vehicles. Those vehicles' sales have plummeted due to high gas prices.

Source: http://news.yahoo.com/s/ap/20080801/ap_on_bi_ge/earns_gm;_ylt
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