Posted AT 12:02 PM EST on 28/02/06
Magna profit walloped
Magna International Inc. said fourth-quarter profit more than halved as Canada's largest auto-parts maker took a restructuring charge.
Profit fell to $83-million (U.S.) or 75 cents a share from a year-earlier $177-million or $1.81 a share. While overall sales rose 4 per cent to $5.9-billion, complete vehicle assembly sales dropped 12 per cent on lower volume.
The Aurora, Ont.-based company took a restructuring charges of about $176-million or $1.13 a share.
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