DETROIT - General Motors announced Thursday net profit of $1.4 billion in the third quarter, compared to earnings of $0.7 billion in the third quarter of 2013, reported MLive.

The 100 percent year-over-year improvement comes despite incurring a loss of $0.3 billion in the period, stemming in part from flood damage at the GM Technical Center in Warren, the Detroit automaker said.

Net revenue in the quarter was $39.3 billion, compared with

$39.0 billion in the same period of 2013.

For the first nine months of the year, the company's revenue grew to $116.3 billion, against $114.9 billion in the first nine months of 2013.

"Strong global sales and growing margins in North America and China helped GM deliver very solid third quarter results," GM CEO Mary Barra said in a statement. "Despite industry challenges in Russia and South America, our earnings were on plan as we continue to execute our customer-focused strategy."