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Company News

Magna swings back to profit

Nov 6 (Reuters) - Canadian auto parts maker Magna International Inc swung back to quarterly profit on Friday, as recovering demand for new cars in Europe, China and the United States boosted sales.

Magna reported a net income of $405 million, or $1.35 per share, in the third quarter ended Sept. 30, compared with a loss of $233 million , or 75 cents per share, a year ago.

Total sales fell about 2% to $9.13 billion. (Reporting by Rachit Vats in Bengaluru; Editing by Subhranshu Sahu)

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