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Company News

Auto supplier Magna reports quarterly loss as virus hits sales

Aug 7 (Reuters) - Canadian auto parts maker Magna International Inc reported a quarterly loss on Friday, as automobile production fell 70% in North America due to the coronavirus crisis.

Net loss attributable to Magna was $647 million, or $2.17 per share, in the second quarter ended June 30, compared with a profit of $452 million, or $1.42 per share, a year earlier.

Total sales plunged about 58% to $4.29 billion. (Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)

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