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GM Reports Big Profit Increase

February 09, 1988|Associated Press

DETROIT — General Motors Corp. today reported a big jump in its profit for the fourth quarter and for 1987, partly due to accounting changes and tax credits from past years.

The giant auto maker said it netted $836 million, or $2.36 a share, for the three months ended Dec. 31. That contrasted with earnings of $382 million, or 97 cents a share, the same period in 1986, when GM charged the cost of closing some of its assembly plants. For the year, GM's earnings totaled $3.6 billion, or $10.06 a share, vs. a profit of $2.9 billion, or $8.21 a share, in 1986. The company said accounting changes added $800 million to its after-tax profit.

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