Magna profit jumps on gains from acquisition

Thu Nov 8, 2012 5:33am EST
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(Reuters) - Magna International Inc (MG.TO: Quote), one of the world's biggest auto parts manufacturers, said third-quarter profit nearly quadrupled on gains related to its purchase of the minority stake in its electric car business.

Net income attributable to Magna rose to $390 million, or $1.66 per share, from $102 million, or 42 cents per share, a year earlier.

The company, which also assembles complete vehicles, said sales rose 6.3 percent to $7.41 billion. (Reporting by Nicole Mordant in Vancouver and Bhaswati Mukhopadhyay in Bangalore; Editing by Sreejiraj Eluvangal)