GM Signals Turnround: Revenue Surge Shrinks Loss

24 April 2006

    DETROIT - A narrower first-quarter net loss of $323 million (€261.75m; £181.29m) and a 14% jump in revenue, has fueled debate over whether loss-beset General Motors is on the cusp of a turnaround.
    Chairman/ceo Rick Wagoner hailed the result as an "important milestone" in GM's recovery plan and GM shares leapt $2.07, or 10%, to $22.64 last week. But assessors at ratings agency Standard & Poor's remained cautious, leaving unchanged GM's debt rating as "junk" status.