GM on track with first-quarter profit

GENERAL Motors posted a first-quarter profit yesterday and said it is making progress towards a turnaround expected to put it on track toward its first full-year profit since 2004.

Chris Liddell, GM's chief financial officer, said the first-quarter results showed that the biggest US car-maker had a "good chance" of turning a full-year profit. Cost-cutting and strong sales of new models helped the group to a $865m (600m) profit in the first three months of 2010 – GM's first quarterly profit in nearly three years. It racked up a $6 billion loss a year earlier.