GM expected to post loss ahead of deadline

Detroit, May 7: General Motors (GM) is expected to report a loss on Thursday, May 7 before the Government imposed deadline of June 1 to reach agreements to overhaul its operations and cut more than 40 billion dollars in debt.

The company is expected to post loss for the first quarter (Q1) in its last earnings report in time before the deadline for a restructuring.

The company's website stated that there was a 28 per cent slump in global vehicles sale in lieu with 47 per cent decline in North America.The quarter also saw GM's failure to win new federal backing.

Analysts, expect GM to post a first-quarter loss of 11.05 dollars per share before items. As per Reuter's estimates the revenue is predicted to decline to 21 billion dollars.

OneIndia News