General Motors Corporation yesterday declared a quarterly dividend of $0.50 per share on GM $1-2/3 par value common stock.

The dividend is payable on June 10 and is unchanged from the previous quarter.

GM also declared a quarterly dividend of $8.7793 per GM Series H automatically convertible preference stock. This dividend is payable on June 24 to AOL Time Warner, the sole holder.

Last month, GM said it earned $US791 million, or $1.39 diluted earnings per share of common stock, on revenue of $44.3 billion in the first quarter, excluding special items and Hughes.

That compared with $321 million, or $0.57 per share, on revenue of $40.7 billion in the first quarter of 2001, also excluding special items and Hughes.

Including special items and Hughes, GM's first-quarter 2002 net income totaled $228 million, or $0.57 per share on revenue of $46.3 billion.