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GM reports 2004 financial results

General Motors has announced that its net profits fell by 37% to £481.5m in the last quarter of 2004.

The fall was due to growing losses at GM Europe, but adjusted full-year 2004 earnings from continuing operations of £1.9bn were led by record earnings from financial services and a 12% improvement in automotive earnings.

Adjusted revenue rose 4.5% to a record £103.5bn.

"GM reported solid overall results in 2004, despite challenging competitive conditions in many markets around the globe," says GM chairman and CEO Rick Wagoner.

"For the 10th-consecutive year, General Motors Acceptance Corporation reported annual earnings growth, posting a record profit of £1.56bn.”

GM Europe posted a full-year loss of £398m in 2004, compared with a loss of £153.4m in 2003. In the fourth quarter GM Europe reported a loss of £185m, compared with a loss of £35.4 million a year earlier.

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