February 27, 2008 / 10:22 AM / 10 years ago

Magna International posts lower 4th quarter profit

NEW YORK (Reuters) - Autoparts maker Magna International reported lower fourth-quarter profit on Wednesday.

Net profit fell to $28 million, or 24 cents a share, from $29 million, or 26 cents a share, a year earlier.

Sales rose 7 percent to $6.8 billion during the quarter as a result of increases in North American, European and rest of World production sales, offset in part by reductions in complete vehicle assembly sales, tooling, engineering and other sales.

Reporting by Yinka Adegoke; Editing by Quentin Bryar

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