BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX     

BBC News World Edition
 You are in: Business  
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
E-Commerce
Economy
Market Data
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
BBC Weather
SERVICES
-------------
EDITIONS
Wednesday, 18 April, 2001, 14:53 GMT 15:53 UK
General Motors suffers 88% profits drop
A General Motors vehicle and logo
The world's largest car maker, General Motors, beat analyst expectations despite reporting a near halving of profits for the first quarter of 2001.

At $225m, the company's profits for the first three months of the year were 88% lower than during the same period last year.

Even so, analysts had expected profits to have fallen even further.

But during the next quarter, analysts expect GM's profits to double.

GM itself predicts that car sales in the US will reach 16.5m units in 2001. That is lower than last year's sales, but still pretty solid compared to most previous years.

Global operations

GM's non-US car subsidiaries clocked up losses of $100m.

In Germany, the Opel unit lost $86m, a sharp drop from $221m profits a year earlier.

In fact, 2000 was the worst year in Opel's 100 year history, and the first quarter of 2001 was even worse.

In Asia, GM's car operations lost $20m due to losses incurred as restructuring costs linked to its 49% stake in Japan's Isuzu Motors begin to feed through.

But GM's African, Middle Eastern and Latin American operations saw profits rise from $1m to $6m.

And the company's financial services unit earned $431m, up from $397m a year earlier.

See also:

05 Jan 01 | Business
12 Dec 00 | Business
09 Apr 01 | Business
07 Feb 01 | Business
05 Jan 01 | Business
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories

© BBC ^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes