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General Motors posts $898 million 4Q net profit


General Motors says its fourth-quarter net profit nearly doubled as it made a dizzying array of accounting moves due to tax credits and devaluing European assets.


The company made $898 million, up from $468 million in 2011.



GM


earned 54 cents per share compared with 28 cents a year ago. Revenue grew 3 percent to $39.3 billion.


The fourth-quarter profit included billions in one-time accounting gains and losses that ended up being a $100 million increase. Without it the company earned 48 cents per share. That was short of analyst estimates. They predicted 51 cents.



GM

made $1.4 billion pretax in North America but lost $699 million in Europe.


For the full year, GM

made $4.9 billion, or $2.92 per share. That was down from $7.6 billion in 2011.

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