U.S. automaker General Motors Co. said on Monday that it has lost 1.15 billion dollars since emerging from bankruptcy on July 10.
By announcing third-quarter results, GM gave the public its first comprehensive peek at the automaker's finances since it emerged from
bankruptcy with about 50 billion dollars in federal aid.
The automaker posted a revenue of 28 billion dollars in the third quarter, up about 4.9 billion dollars compared to the second quarter, a boost credited to higher industrywide sales and stabilized market share in China, Brazil, India and Russia.
GM had 3.3 billion dollars of operating cash flow and 42.6 billion dollars in cash and other available assets. That amount included 17.4
billion dollars in U.S. and Canadian aid held in escrow. The amount of 42.6 billion dollars is expected to decline substantially in the fourth quarter because 8.1 billion dollars are budgeted for future loan repayments, costs for funding parts supplier Delphi and other expenses.
GM said it will begin repaying its 6.7 billion in government loans, starting with a 1.2 billion payment on Dec. 31. The company is required to
repay the loans by July 2015 and will make payments of about 1 billion dollars every quarter.
Though GM is not considered a public company, the automaker agreed to release the quarterly results since the government holds a 60.8-percent
stake in the automaker. The company said it will work to arrange a revolving line of credit next year to give the automaker more financial flexibility.