GM Profit

[pioneer]

Agence France-Presse

US auto giant General Motors reported Monday a post-bankruptcy quarterly profit for the first time in three years on the back of a jump in sales and cost cutting.

Net income for the first quarter 2010 reached $865 million compared with a massive loss of $5.98 billion during the same period in 2009.

The earnings attributable to stockholders during the January-March period came on the back of a 40-percent jump in sales and revenue to $31.5 billion from $22.4 billion in the 2009 corresponding period.

As GM erased the red ink on its balance sheet, a weekend news report said it was eyeing an initial public offering, which would enable the government to begin selling its stake in the company.