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GMAC reports US$724 million fourth quarter loss

Staff Reporter 4 minute read

US-based GMAC Financial Services this week reported a US$724 million ($811 million) net loss for the fourth quarter, bringing its 2007 net loss to US$2.3 billion ($2.6 billion).

This compares to a net income of $2.1 billion ($2.4 billion) in 2006.

The group said effects from continued disruption in the mortgage, housing and capital markets on ResCap – its residential mortgage business – were the primary drivers of the adverse performance.

“As a result [of those disruptions] 2007 was a year of significant transformation for the organisation,” GMAC chief executive officer Eric Feldstein said.

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Throughout the year the group had concentrated on implementing aggressive actions to reduce risk, streamline operations and rationalise the group’s cost structure, Mr Feldstein said, expressing confidence in a profitable 2008.

“We believe the steps taken position the company for future success,” he said.

Published: 07-02-08 

 

GMAC reports US$724 million fourth quarter loss
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