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Friday, November 06, 2009
Magna Pulls in 3rd Quarter Profit
By Darryl R. Isherwood
FOXBusiness
Canadian auto-parts maker Magna International Inc. (MGA) posted a third-quarter profits despite a revenue drop of 16% that coincided with cuts in auto production.
Magna had been in talks to purchase General Motors Corp.’s Opel unit, but Tuesday GM announced it planned to keep the unit.
Magna has pulled in about $50 million in new business during the third quarter and about $700 million year to date.
For the quarter, the company earned $51 million, or 45 cents per share, compared with a loss of $215 million, or $1.93 a year earlier.
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