General Motors posts $898M net profit in 4Q

Feb 14 2013, 22:07 IST
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SummaryBut the numbers were complicated by a dizzying array of accounting gains and losses for tax credits

Financial Officer Dan Ammann said.

"We've established a clear track record of profitability over the last three years,'' he said. ``It's a reflection of our confidence in the fact that we're going to generate significant profitability in the North American market going forward.''

But the change means that GM will return to a 35 percent tax rate, up from the mid-teens last year. It still won't pay U.S. federal income taxes for many years due to the write-offs.

GM also announced that its union workers would each get $6,750 in profit-sharing checks next month because of the strong performance in North America. In 2011, the company and the United Auto Workers agreed to profit-sharing instead of pay raises.

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