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GM auto business turnaround "not satisfactory:" CFO

DETROIT
Wed Nov 7, 2007 7:58am EST

DETROIT (Reuters) - The turnaround in the core automotive operations of General Motors Corp is "certainly not satisfactory" despite an improvement that pushed the business to a narrow third-quarter profit, GM Chief Financial Officer Fritz Henderson said on Wednesday.

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GM posted net income from its global automotive operations of $122 million in the third-quarter compared with a year-earlier loss of $455 million.

"Some progress there but nonetheless certainly not satisfactory," Henderson told reporters at GM's headquarters on Wednesday.

Henderson said there were signs that the weaker housing market had crimped overall demand for new cars and trucks in the U.S. market.

"We're running below trend," Henderson said. "I think that's partly driven by concerns about housing."

Overall, GM reported a record net loss of $39 billion for the third quarter, reflecting a $39-billion charge against deferred tax assets and a loss at former subsidiary GMAC.
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