The New York Times
Mon, November 16, 2009 -- 7:19 AM ET
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Citing Progress, General Motors Reports Loss of $1.2 Billion in Third Quarter
In its first earnings report since coming out of bankruptcy,
General Motors said Monday that it lost $1.2 billion from the
time it left bankruptcy protection through Sept. 30, far
better than previous quarters and a sign that the auto giant
is starting to turn around.
The chief financial officer, Ray Young, cautioned however
that the second- and third-quarter figures do not comply with
U.S. accounting standards and should not be compared with
previous earnings.
G.M. says it is re-valuing its assets and liabilities and
should comply with accounting standards next year.
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