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GM reported small profit decrease

The U.S. auto giant General Motors announced better than expected results for the third quarter. The company managed to increase its market share in the markets in North America and Asia, but the problems in Europe prompted it to lower its forecasts for the presentation of the continent. The net income of General Motors for the third quarter amounted to 1.7 billion USD or 1.03 USD per share. For the same period last year positive result was 2 billion USD or 1.20 USD per share. A preliminary estimate of analysts was for earnings of 96 cents per share. The company revenue for the period were 36.7 billion USD, 34.1 billion USD achieved in the third quarter of 2010. The lrgest carmaker in the U.S. went bankrupt in 2009 after the country's government poured 52 billion USD to save it. As a result of the operation state owns 32% of the company's capital. The government's position is that it will not be rushed sale of its stake in General Motors. The current price of the shares of the company is around 24 dollars, which is well below 33 USD, which was made in re-listing trading.
The estimates of General Motors is that in the fourth quarter will be achieved earnings before interest and taxes comparable to that of last year. As for Europe, however, the company dropped its forecast because of deteriorating economic conditions since the beginning of the year. In trading before the official start of today's trading session in New York, shares of General Motors lost 4.2 per cent to 24 dollars per share. This is a full 39 percent below the peak for the year reached in January.