GM drives to record profit at $7.6 bn

General Motors earned its highest profit ever last year. The 103-year-old company made $7.6 billion in 2011, up 62% from 2010.

Written by Agencies

February 17, 2012 05:42 IST

General Motors (GM) earned its highest profit ever last year. The 103-year-old company made $7.6 billion in 2011, up 62% from 2010.

Full-year revenue rose 11% to $105 billion in 2011.

North America led the way with a $7.2-billion pre-tax profit. But problems surfaced that could hurt future earnings. GM lost $700 million before taxes in Europe and lost $100 million in South America.

But the company posted a weaker-than-expected fourth-quarter profit as disappointing performance overseas offset strong results in North America.

?We obviously have work to do still and a long way to get to the objectives we ultimately want to get to,? GM CFO Dan Ammann said. ?We clearly have work to do in Europe and South America.?

This article was first uploaded on February seventeen, twenty twelve, at forty-two minutes past five in the morning.