August 6, 2008 / 7:13 PM / in 9 years

Magna posts 13 percent drop in quarterly profit

TORONTO (Reuters) - Auto-parts maker Magna International Inc MGa.TO reported lower quarterly earnings on Wednesday as sales slipped due to reductions in North American vehicle production.

The company said net profit fell to $227 million, or $1.98 a diluted share, in the quarter ended June 30, from $262 million, or $2.35 a share, in the year-before period.

Reporting by Lynne Olver; editing by Rob Wilson

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