The Australian arm of General Motors Co. announced Thursday it intends to trim almost 100 casual and temporary employees at its car manufacturing facility as the high Australian dollar stems export expansion.

GM Holden commented that it will launch a new shift pattern at its car manufacturing facility in Adelaide, the capital of South Australia state, to enhance output and manage the effect of the strong currency.

The company calculates almost 100 casual and temporary contract posts will expected be cut, although accurate numbers are not yet known. She stated there won’t be any redundancies among permanent full-time employees, a spokesperson for GM Holden stated.

General Motors Company (NYSE:GM) last session volume of 13.34 million shares was surprisingly higher than its average volume of 11.30 million shares. The stock after opening at $24.33 hit high price of $24.58 and then closed at $24.37 by scoring +1.46%.

GM generated revenue of 149.17 billion in the following twelve months and earned $7.62 billion. The Company showed a positive 4.58% in the net profit margin and as well as in its operating margin which remained 3.81%.

The GM past twelve months price to sales ratio was 0.26 and price to cash ratio remained 1.19. As far as the returns are concern, the GM return on equity was recorded as 26.70% and 7.61% return on investment while its return on asset stayed at 4.78%.

The stock showed weekly negative performance of -2.21% which was maintained for the month at 20.23%. Likewise the positive performance for the quarter was recorded as -5.73% and for the year was -33.14% while the YTD performance remained at 20.23%.

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