General Motors Co. reported a multi-billion-dollar annual profit for 2012, but the total was dragged down by impairment charges, the automaker said.
GM said that its annual net income attributable to common shareholders was $4.9 billion, down from $7.6 billion in 2011. However, last year’s total was affected by a $5.2 billion non-cash impairment charge taken for it European assets and a $2.2 billion charge tied to its U.S. pension plan, GM said.
Both charges were taken during 4Q of 2012, GM said. The company also recorded a $34.9 billion non-cash benefit and a $26.2 billion impairment charge that were tied to its U.S. and Canadian tax assets.
Full-year revenue was $152.3 billion, up from the $150.3 billion the company reported in 2011. For the fourth quarter, revenue rose to $39.3 billion from $38 billion.
Net income attributable to common shareholders was $900 million, up from $500 million a year ago.