US auto giant General Motors Corp said yesterday it was on the road to recovery after posting a much smaller net loss of US$115 million in the third quarter.
In the same quarter of last year, it had recorded a mammoth net loss of US$1.7 billion. Its earnings in the quarter that ended last month came to US$0.20 per share on record revenue of US$48.8 billion.
But excluding special items -- such as charges for a reorganization underway at Delphi, GM's bankrupt former parts division -- the auto group would have made a profit of US$529 million in the past quarter.
That would have come to US$0.93 per share, compared with Wall Street's forecast of US$0.49 before exceptionals.
GM chief executive Rick Wagoner said the third-quarter results reflected "significant progress" in the company's recovery plans after it lost a record US$10.6 billion last year. Turnaround efforts in North America and Europe were "well underway," he said.
In other developments, German-US auto giant DaimlerChrysler said yesterday that its third-quarter earnings were pulled down by losses at its Chrysler US unit. However, the figures were better than expected, it said.
DaimlerChrysler said its bottom-line net profit slid by 36 percent to US$680 million in the period from July through last month. Operating profit was cut nearly in half, falling by 46 percent to US$1.1 billion on a 7 percent decline in sales.