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GM posts $1.33B profit in sign of growing strength

DETROIT (AP) - General Motors Co. says it made $1.33 billion in the second quarter, a sign of growing strength as the company prepares to sell stock to the public.

It's GM's second straight quarterly profit. The company made $865 million in the first quarter.

CEO Ed Whitacre says GM is eager to sell the stock so it can pay off $43.3 billion in government loans that were converted into a large stake in the company. No date has been set for the sale.

GM has been majority-owned by the government since it left bankruptcy protection in July of 2009.

Second-quarter revenue was $33.17 billion, up 5.3 percent from the first quarter on strong sales in China and U.S. sales of revamped cars and trucks.

GM didn't report second-quarter results last year because it spent part of the quarter in bankruptcy protection.


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