GM improves quarterly profit

GENERAL Motors yesterday reported a better-than-expected quarterly net profit from continuing operations despite falling revenue and promised to cut production in the second half to curtail its burgeoning inventory of unsold vehicles. The No 1 US car maker maintained its earnings outlook for 2017. GM’s shares rose by more than 1 percent in pre-market trading. The results for the quarter excluded losses from the company’s European operations – Germany’s Opel brand and Britain’s Vauxhall – which are being sold to France’s PSA Group. The earnings release comes at a time when Wall Street is concerned that the US car industry is entering a downturn after years of strong sales. Car makers have reported declining sales for the past four months. Analysts are concerned over GM’s inventory of unsold vehicles. – Reuters