New York, May 3: Global auto major, General Motor Co reported better than expected Jan-Mar quarter result, with net profit of $1 billion, falling from $3.4 billion in corresponding quarter last year.

GM attributed the fall to high base effect due to money made off sale of its stake in two subsidiary. However, this quarter result was mostly driven by better sale in tradional US market, compensating weak sales in European and other markets.

In north American GM's revenue rose to $1.7 billion from $1.3 billion is same quarter last year. The company expects to continue at same level in core market in coming quarters.

GM south America made $83 million, down from $90 million last year. In Europe GM lost $256 million in Q1 as compared to $5 million profit last year.

GM's overall revenue rose 4% on-year to $37.8 billion. Global margin improved marginally to 5.8% from 5.6%.

Commenting on the result GM Chief Executive Dane Akerson said, "Europe remains a work in progress" adding, "we will continue working both on revenue and cost opportunities until we have brought to competitive level of profitability."