News Column

General Motors reports lower fourth quarter profits

February 7, 2014

! Washington, Rabi'II 6, 1435, Feb 6, 2014, SPA -- General Motors, the world's third largest automaker, on Thursday announced lower profits for the fourth quarter of 2013, dpa reported.

While the company saw a 3-per-cent increase in revenue in the final three months of the year - 40.5 billion dollars versus 39.3 billion dollars in 2012 - net profit before dividends was 1.04 billion dollars, down from 1.19 billion dollars in 2012.

The company's bottom line was negatively impacted by tax obligations and costly restructuring in Europe, which included the exit of the Chevrolet brand from that continent, as well as the shutdown of a manufacturing centre in Australia.

GM's international operations, which include China and the Middle East, also saw appreciably slimmer profits in 2013 compared to 2012 - 208 million dollars versus 676 million dollars in 2012.

-- SPA 19:18 LOCAL TIME 16:18 GMT

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Source: Saudi Press Agency (Saudi Arabia)

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