GM lost $4.3 billion in the 6 months after bankruptcy protection

During a conference call earlier today, General Motors’ CFO, Christopher P. Liddell, said that the company lost $4.3 billion in the 6 months after coming out of from bankruptcy protection. Liddell said that the company had a positive cash flow of $1 billion during the period.

Liddell said he expects GM to hit profit in 2010 and that it made progress towards that goal in the first quarter.

“We don”t need to make that much improvement to get to profitability,” Liddell said “It”s getting close to break-even if you get rid of those one-off items that happened in the fourth quarter.”

The report, which covers the period from July 10 to Dec. 31, listed $36.2 billion in cash reserves and marketable securities.

GM reiterated its commitment to pay off its debt to the United States and Canadian governments by June. So far, GM has made payments totaling $2.8 billion towards an initial balance of $8.3 billion. Most of GM’s original loan of $50 billion was converted to a 61 percent equity stake held by the U.S. Treasury.

– By: Stephen Calogera

Source: NYTimes