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Company News

Magna profit halves on COVID-19 hit

May 7 (Reuters) - Canadian auto parts maker Magna International Inc reported a 51% fall in quarterly adjusted profit on Thursday, hurt by a decline in global automobile production due to the coronavirus crisis.

Adjusted net income attributable to Magna fell to $261 million, or 86 cents per share, in the first quarter ended March 31, from $531 million, or $1.63 per share, a year earlier.

Sales fell about 18% to $8.66 billion. (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)

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