The first quarter costs associated with recalling almost 2.6m cars in the first quarter have ended General Motors' dream of making a record $10bn profit, a media report said.

After polling analysts, Bloomberg News concluded CEO Mary Barra may have to announce a first quarter loss later on Thursday (24 April).

[Later story: US: Despite recalls, GM posts $100m first quarter net profit]

The recall cost, combined with continued losses in Europe and difficulties in Russia, Australia, Asia and South America, prompted analysts to downgrade their earnings estimates, the report said.

Barclays plc industry analyst Brian Johnson told Bloomberg he'd lowered his earnings estimate to a cent per share loss from a 20 cent profit.

He predicted that the company would have its worst results since the fourth quarter of 2009, as GM emerged from US government backed, Chapter 11 bankruptcy reorganisation.

In the last four weeks, all 11 analysts surveyed by Bloomberg lowered their consensus estimate for GM’s first-quarter adjusted earnings per share (EPS) 92% to four cents a share.

GM Q1 2013 net profit was $1.18bn or 67 cents a share adjusted.

Bloomberg noted the automaker had forecast a $1.3bn loss for costs related to recalling 7million vehicles, including those with faulty ignition switches on top of a $400m pretax charge for Venezuela currency movements and any losses in Europe, which have totaled over $18bn since 1999.

Johnson told Bloomberg he estimated GM would have restructuring costs in Asia and South America.

It also has costs in Australia arising from the recent decisions to axe the newly established Opel dealer network and end local Holden car manufacturing in a couple of years.