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GMAC Posts Record 2nd Quarter Earnings While GM's Profit Falls 30.7%

July 17, 2003

General Motors on July 17 reported net profits of $901 million, or $1.58 per share, in the second quarter of 2003, down 30.7 percent compared with $1.3 billion, or $2.43 per share, in the second quarter of 2002. Total revenues of $48.3 billion were essentially unchanged from the prior-year quarter.

GM's adjusted income, which excludes results from Hughes, totalled $879 million, or $1.57 per share compared with $1.5 billion, or $2.63 per share, excluding Hughes and special items.

In a statement, GM said its second-quarter performance reflected continued strong automotive cash flow, record results at captive finance arm General Motors Acceptance Corporation (GMAC) where earnings of $834 million were nearly double the prior-year quarter, record net income of $163 million at GM Asia Pacific, an overall profit decline in the automotive sector primarily caused by difficult economic conditions in most of GM's automotive regions, and the effects of unfavorable currency-exchange rates in certain regions.

"Overall we had reasonable financial results in a challenging global economic environment," GM chairman and chief executive officer Rick Wagoner said.

"We're especially pleased with the strong cash generation by our automotive operations and continued strong performance at GMAC, which set another new quarterly earnings record."

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