In Michigan
7:15 am
Mon November 16, 2009

GM reports $1.2B 3Q loss, says it shows progress

DETROIT – General Motors Co. says 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 company also says it will begin repaying $6.7 billion in U.S. government loans with a $1.2 billion payment in December. It could pay off the full amount by 2011, four years ahead of schedule.

Chief Financial Officer Ray Young cautioned that the second- and third-quarter figures don't comply with U.S. accounting standards and shouldn't be compared with previous earnings.

GM says it is re-valuing its assets and liabilities and should comply with accounting standards next year.