General Motors which had just emerged from bankruptcy on July 10, 2009 has issued its first financial statement since that day. After the bankruptcy was refinanced and reorganized, GM emerged as an altogether new company. Though the finances of the company are still in a tight position, yet GM is looking forward to a more positive outlook and the results in the coming time period will eventually help the company to repay the loan settlements earlier than expected. GM refinanced the bankruptcy with the help a federal aid of $50 million that helped it in re-establishing itself once again as an independent company.

The recently issued financial statement shows a loss of approximately $1.2 billion in the period of the third-quarter. Irrespective of that, the company also showed a remarkable increase in the revenue of the company as opposed to the revenue earned in the previous quarter. The revenue in the second quarter came at about a little higher than $4.9 billion, whereas this time in the third quarter the revenue has risen to an amazing $28 billion. These sales are higher in comparison to all the other automobile manufacturers and have earned the company a more stable status in countries like China, Brazil, India and Russia.

Fritz Henderson, who is the President and CEO of General Motors, has issued a statement saying that “We have significantly more work to do, but today’s results provide evidence of the solid foundation we’re building for the new GM.” He also said that they are now focusing on producing more high performance vehicles that is surely going to win accolades from every other person.

The shares of GM for the current quarter rose by 11.9% showing an increase of 0.3%. This has been due to its increased demand in China, India, Brazil and Russia. These countries boosted its sale and market value as well. Though in the United States of America, the market value remained at a standstill of 19.5%.

Even after all this, GM is still in high hopes of resuming its work with a more enthusiastic zeal and are hoping to attract a huge number of clients this time. The revenue earned does indicate that the company is now moving towards achieving more progress and stability in the market.

GM is now planning to start the repayment of the loan that it had taken from the government by December 31 onwards.

This entry was posted on Wednesday, November 18th, 2009 at 11:24 am and is filed under General Motors. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.