Auto parts maker Magna's profit falls due to strong U.S. dollar
Reuters
Published Feb 26, 2016 05:22AM ET
Auto parts maker Magna's profit falls due to strong U.S. dollar
(Reuters) - Canadian auto parts maker Magna International Inc (TO:MG) (N:MGA) reported a 6.4 percent fall in quarterly profit, hurt by the impact of a strong U.S. dollar.
Net income attributable to Magna fell to $483 million, or $1.19 per share, in the fourth quarter ended Dec. 31, from $516 million, or $1.23 per share, a year earlier.
Sales fell about 2.5 percent to $8.57 billion. Excluding the impact of the U.S. dollar, sales increased 6 percent, the company said.
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Written By: Reuters
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