GM Loses DETROIT (AP) (wgvu) - 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 a
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.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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