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Company News

Magna International posts 16 pct rise in profit

Feb 22 (Reuters) - Canadian auto parts maker Magna International Inc on Thursday posted a 16.3 percent rise in quarterly profit, helped by higher production sales in Europe.

Net income attributable to Magna rose to $556 million, or $1.53 per share, in the fourth quarter ended Dec. 31, from $478 million, or $1.24 per share, a year earlier.

The Aurora, Ontario-based company’s sales rose to $10.39 billion from $9.25 billion.

Reporting By Allison Lampert

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