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 DETROIT (AP) - The troubled mortgage market spilled onto General Motors Corp.'s balance sheet Thursday as first-quarter profits dropped 90 percent from a year ago due mainly to losses at GM's former financial arm.
But the fact that the nation's largest automaker still lost money on its North American operations seemed to trouble industry analysts more than losses at GMAC Financial Services because GM is more than a year into a massive restructuring plan that includes cost cuts and multiple new products.
The net profit of $62 million, or 11 cents a share for the January-March period, was GM's second consecutive quarterly profit, although it was down from $602 million, or $1.06 per share, a year ago.
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