GM Daewoo swings to loss in 2008 on weak sales

SEOUL, April 7 (Yonhap) -- GM Daewoo Auto & Technology Co., the South Korean unit
of General Motors Corp., said Tuesday it swung to a net loss of 875.7 billion won
(US$658.7 million) in 2008 as sales slumped.
Sales fell 1.6 percent on-year to 12.3 trillion won last year and its operating
profit plunged 38.5 percent to 290.3 billion won, the carmaker said in a
regulatory filing.
Since December last year, GM Daewoo has idled or closed some production lines as
sales collapsed. GM Daewoo is closing its plants for as many as 10 days in April.

GM Daewoo's March sales dived 48.5 percent to 44,957 units, the company said
earlier.
Last week, GM Daewoo Chief Executive Officer Michael Grimaldi, who is seeking one
trillion won in financial aid from South Korea's state-run Korea Development
Bank, said the company's cash position became "critical" in the current quarter.
The South Korean bank has shown little sympathy for GM Daewoo's request for
financial assistance.
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