General Motors Posts $865 Million Profit for First Quarter 2010

General Motors have just announced that they have posted a $865 million profit for the first quarter of 2010.

The $1.66-per-share profit was far better than a loss of $6 billion, or $9.78 per share, for the same period last year.

It’s also a sign that GM may be able to back up CEO Ed Whitacre’s forecast of a full-year profit.

The U.S. government loaned GM about $50 billion to stay in business. GM has repaid $6.7 billion and hopes to pay back the rest with a stock sale. The government now owns 61 percent of the company.