General Motors reports $30.9 Billion loss in 2008

Friday, 27 February 2009, 11:30 Hrs
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New York: U.S. automotive giant General Motors reported Thursday that it lost $30.9 billion in 2008, its fourth straight year of losses.

The final tally came after fourth-quarter losses of $9.6 billion, a figure which exceeded analysts' expectations and underscored the severe situation which the automotive giant finds itself in as it battles for survival.

The red ink ate further into the company's capital reserves, which at the end of 2008 stood at just $14 billion.

The losses came as sales plunged by double-digit figures in the recession-hit U.S. economy. For the full year, sales dropped 17 percent to $149 billion, with the fourth-quarter figure, at $30.8 billion, plunging by more than 33 percent.
Source: IANS
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