Magna profit jumps on gains from acquisition

Thu Nov 8, 2012 5:30am EST
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Nov 8 (Reuters) - Magna International Inc, 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.