General Motors has reported a first-quarter profit, saying it is making progress towards a turnaround expected to put it on track toward its first full-year profit since 2004.
GM, which received $50 billion of US government financing for its restructuring in bankruptcy, has been aiming to launch an initial public offering that would allow the US government to reduce its majority stake in the car maker later this year.
GM's revenue rose to $31.48 billion from $22.43 billion in the pre-bankruptcy GM a year before. Net profits - after preferred share dividends of $203m to the US and Canadian governments and GM's major union - were $865m, compared with a loss of almost $6 billion a year before.
The top US car maker posted a $4.3 billion loss in 2009 for the period between July, when it emerged from a bankruptcy steered by the Obama administration, until the end of the year.
GM has slashed costs by reducing debt, cutting jobs, closing factories and dropping unprofitable brands like Hummer, Saab and Saturn. But analysts have said GM still faces steep challenges in repairing the reputation of its brands in its home market and reversing a long-running slide in market share.
