General Motors Co posted a first-quarter profit on Monday and said it is making progress toward a turnaround expected to put it on track toward its first full-year profit since 2004.

GM, which received $50 billion of U.S. government financing for its restructuring in bankruptcy, has been aiming to launch an initial public offering that would allow the U.S. government to reduce its majority stake in the automaker later this year.

Revenue for the top U.S. automaker rose to $31.48 billion from $22.43 billion in the pre-bankruptcy GM a year before. Net income -- after preferred stock dividends of $203 million to the U.S. and Canadian governments and GM's major union -- was $865 million, compared with a loss of $5.98 billion a year before.

The top U.S. automaker posted a $4.3 billion loss in 2009 for the period between July, when it emerged from a bankruptcy steered by the Obama administration, until the end of the year.

The results underscore the progress GM has made in slashing costs by reducing debt, cutting jobs, closing factories and dropping unprofitable brands like Hummer, Saab and Saturn.

But analysts have said GM still faces steep challenges in repairing the reputation of its brands in its home market and reversing a long-running slide in market share.

(Reporting by Kevin Krolicki, editing by Gerald E. McCormick)