General Motors Corporation recently reported increased earnings for the second quarter of 2004 with earnings for the Latin America/Africa Middle East (LAAM) region showing significant improvement.

General Motors Corporation recently reported increased earnings for the second quarter of 2004 with earnings for the Latin America/Africa Middle East (LAAM) region showing significant improvement.

The corporation’s revenue increased by 7,1 per cent to R 296 billion with earnings of R60,5 million reflected in the LAAM region. This compares with last year’s loss of R623 million.

This year’s results reflect higher production volumes and improved earnings in Venezuela and South Africa.

GM chairman and chief executive Rick Wagoner said: “We’re pleased with the improving performance of GMLAAM. Our market share continues to be impressive and we reported a profit for the second consecutive quarter.”

GM’s market share in the LAAM region rose to 17,4 per cent in the second quarter of 2004 from 15,6 per cent the previous year.

Overall, GM’s financial results for the second quarter were reasonably good. GM’s global-automotive earnings totaled R3,2 billion in the second quarter of 2004; up from R847 million in the prior-year period, reflecting improved earnings in North America, Asia Pacific, and the Latin America/Africa/Mid-East region.

Wagoner added, “Our automotive operations reported improved earnings. But competition in the global automotive market remains very intense, and we still have much work to do to improve our automotive profitability to targeted levels.”