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GM Profit Drops 19% on Weakness in Southeast Asia
General Motors Co. netted $1.2 billion in the second quarter of this year compared with $1.5 billion a year earlier.
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General Motors Co. netted $1.2 billion in the second quarter of this year compared with $1.5 billion a year earlier.
Quarterly revenue and vehicle sales both rose 4% to $39.1 billion and 2.49 million units, respectively. The company's global market share slipped 0.1 point to 11.5%.
GM earnings before interest and taxes and excluding one-time items climbed 7% to $2.3 billion.
In North America, operating profit increased 5% year over year to $2 billion in in the April-June period. Revenue grew 9% to $23.5 billion. Vehicle sales advanced 7% to 880,000 units even as the company shrank fleet sales by 2.6 points to 27%.
Operating earnings for the Asia Pacific, Africa and the Middle East unit plunged 64% to $228 million in the second quarter. Revenue dropped 11% to $5.3 billion despite a 7% gain in sales to 925,000 vehicles.
GM says the weakening yen is allowing its Japanese competitors to slash prices in such markets as India and Australia.
In Europe, the company narrowed its operating loss to $110 million in the April-June period from $394 million a year earlier. Revenue and vehicle deliveries both slid 7% to $5.2 billion and 425,000 units, respectively.
South American operating earnings more than tripled to $54 million in the second quarter. Revenue rose 5% to $4.3 billion. Sales increased 3% to 262,000 vehicles.
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