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Company News

Canadian auto parts maker Magna International's profit falls 27.8%

Aug 8 (Reuters) - Canadian auto parts maker Magna International Inc reported a 27.8% fall in second-quarter profit on Thursday, hurt by lower sales volumes and a drop in light vehicle production in Europe and North America.

Net income attributable to Magna fell to $452 million, or $1.42 per share, in the second quarter ended June 30, from $626 million, or $1.77 per share, a year earlier.

Total sales fell to $10.13 billion from $10.28 billion. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Shounak Dasgupta)

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