General Motors Subsidiaries: General Motors Acceptance Corp.,...

General Motors Subsidiaries: General Motors Acceptance Corp., GM’s financing subsidiary, reported a modest rise in first-quarter earnings while the auto maker’s aviation and electronics arm reported a sharp 16.6% profit decline. GMAC said rising interest rates held quarterly net income to $356.4 million, a 0.6% rise, compared to “354.4 million in the year-ago period. The first-quarter earnings included $50.7 million from the sale to Isuzu Motors of a 51% interest GMAC held in Isuzu Motors Finance Co. GM Hughes Electronics Corp., the aviation and electronics arm, said net income fell 20% to $201.1 million, from $252 billion a year ago. Electronic Data Systems Corp., the data processing subsidiary, said new insurance, financial, commercial and government data-processing contracts helped raise net income 12% to $100 million. EDS provides information services for GM and outside customers. EDS said revenue totaled $1.29 billion, up 15% from $1.12 billion in the year-earlier period, with 56% of the revenue from GM and 44% from other customers. Parent company GM is expected to announce its earnings today.