May 7, 2008 / 3:33 PM / in 9 years

MI Developments reports lower first-quarter profit

(In U.S. dollars)

TORONTO, May 7 (Reuters) - MI Developments MIMa.TO, the property arm of Canadian auto-parts empire Magna International MGa.TO, reported lower first-quarter profit on Wednesday, due in part to a loss at Magna Entertainment MECa.TO, in which MID holds a controlling interest.

The company said its consolidated profit fell to $6.6 million, or 14 cents a share, from $23.3 million, or 48 cents a share, in the same quarter last year. ($1=$1.00 Canadian) (Reporting by John McCrank; editing by Rob Wilson)

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