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Company News

Canada's Linamar profit slumps 40.7% on pandemic woes

May 13 (Reuters) - Canadian auto parts maker Linamar Corp’s quarterly profit slumped 40.7% on Wednesday, as the coronavirus pandemic hurt customer demand.

The company’s net earnings fell to C$78.5 million ($55.69 million), or C$1.20 per share, in the first quarter ended March 31, from C$132.3 million, or C$2 per share, a year earlier.

Sales fell 21.5% to C$1.55 billion. ($1 = 1.4096 Canadian dollars) (Reporting by Sanjana Shivdas in Bengaluru; Editing by Shailesh Kuber)

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