GM posts $7.6b profit

The American giant banked the record return at the end of 2011 to cap a stunning turnaround from bankruptcy, despite ongoing dramas with its operations in Europe. 

The result for 2011 compares with a $4.7 billion return in 2010, and reflects continuing profits since the company emerged from its government-funded bankruptcy in July, 2009. 

The biggest contributor to the result is GM International, which posted a profit of $1.9 billion for the year, led by its returns in China. 

But GM Europe still drained $562 million from the bottom line with another losing year, following a $1.95 billion loss in 2010. 

The financial results are a big boost to GM, which is also the world's sales champion for 2011 - although Volkswagen questions its inclusion of cars from joint-venture companies in China - and a pointer to future improvements. 

"We will build on these results as we bring more new cars, crossovers and truck to market, and make GM a far more efficient global team," says Dan Akerson, CEO of General Motors. 

GM is forecasting global sales growth for 2012, although there will be no improvement in its worldwide market share which rose by 0.4 per cent to 11.9 in 2011.