The former world biggest automaker, General Motors Co (GM.UL) posted a 2009 net loss of $4.3 billion, but stated that it is still possible for the company to reach its 2010 profit estimates as its planning lay a foundation to return to public ownership.

The $4.3 billion loss covers the period from the bankruptcy point in July till the end of the year, meanwhile the auto maker vowed to repay the government loan it acquired late last year which allowed Canada and the U.S governments to take a large proportion of stake in the company.

GM managed to seal the fiscal year 2009 with $36.2 billion in cash, compared with the previous $14.2 a year earlier, knowing that the automaker will release its first quarter results for this year in mid May.