By Vicki Needham - 04/07/10 02:19 PM EDT
General Motors reported a $4.3 billion loss for the last half of 2009 as it struggled to emerge from bankruptcy, but the automaker still says it could make a profit in 2010.
"As the results for 2009 show there is still significant work to be done," said Chris Liddell, GM vice chairman and CFO. "However, I continue to believe we have a chance of achieving profitability in 2010."
The company reported $57.5 billion in revenue. The losses came from the pre-tax impact of a $2.5 billion settlement related to the UAW retiree medical plan and a $1.3 billion foreign currency re-measurement loss, according to GM's Web site.
GM used the fresh-start accounting process that allows it to revalue its assets after entering bankruptcy protection.
"We are building the foundation that will allow us to return to public ownership,” Liddell said. "Completing fresh-start accounting is an important step in that process."