General Motors units: Detroit-based GM Hughes said...
From Times Staff and Wire Reports
General Motors units: Detroit-based GM Hughes said its first-quarter profit fell 13% to $182.8 million as revenue dropped to $2.02 billion from $2.03 billion. It cited defense spending cuts and a sharp drop in demand for automotive components. At Dallas-based Electronic Data Systems, first-quarter profit rose 11% to $109.8 million as revenue climbed 10% to $1.42 billion. General Motors Acceptance Corp.’s income fell 6% to $336 million, which the Detroit unit attributed to lower financing income and earnings from insurance underwriting that offset lower borrowing costs. General Motors is to report overall results today.
