Canadian auto parts maker Magna's profit rises 11 pct

Wed Feb 25, 2015 5:21am EST
 
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Feb 25 (Reuters) - Canadian auto parts maker Magna International Inc reported a 11 percent rise in quarterly profit, helped by strong demand in North America.

The company also approved a two-for-one stock split and said the split would be implemented through a stock dividend.

Magna said its dividend would rise to 44 cents per share from 38 cents after the stock split.

The net income attributable to the company rose to $509 million, or $2.44 per share, in the fourth quarter ended Dec. 31 from $458 million, or $2.03 per share, a year earlier. (Reporting by Swetha Gopinath in Bengaluru; Editing by Kirti Pandey)