General Motors revises third-quarter loss

/ Source: The Associated Press

General Motors Corp. said Tuesday that its third-quarter loss was $24 million less than previously reported because of additional loan sales by its financing arm.

In a filing with the U.S. Securities and Exchange Commission, the world’s biggest automaker said it lost $91 million in the three months ending Sept. 30. On Oct. 25, GM said it lost $115 million in the quarter.

“The reduction in net loss is attributable to additional loan sales that had not been previously reported” by General Motors Acceptance Corp., GM said in its filing.

GM’s sale of a 51 percent stake in GMAC is pending.

The automaker’s third-quarter loss amounts to 16 cents a share. In last year’s third quarter, GM lost $1.66 billion, or $2.94 a share.

GM’s revenues for the latest quarter totaled $48.89 billion, compared with $47.18 billion in 2005’s third quarter.