Source Pravda.Ru

Magna Swings to 2Q Loss

Hurt by major drops in vehicle production, auto-parts giant Magna International Inc. (MGA) swung to a second-quarter loss as sales dropped 45%.

Magna lost $205 million or $1.83 a share in its latest quarter, compared with a profit of $227 million or $1.98 a share a year earlier. Unususal items reduced earnings by 54 cents a share in the latest quarter and 6 cents in the year-earlier quarter , Wall Street Journal reports.

Buying a majority of GM’s European division would give Magna control of its own auto operations, expanding on the building of vehicles under contract for other companies at a plant in Austria. Magna said its assembly sales fell 60 percent to $423 million , Bloomberg reports.

Aurora, Ontario-based Magna said its loss amounted to $1.83 per share for the quarter ended June 30, compared with a profit of $227 million, or $1.98 per share, a year ago.

Analysts predicted a loss of $1.01 per share, according to a Thomson Reuters poll. Analysts' estimates normally exclude one-time items , The Associated Press reports.

Comments
Call girl dies of asphyxia in bizarre sexual encounter
Call girl dies of asphyxia in bizarre sexual encounter
Call girl dies of asphyxia in bizarre sexual encounter
German experts name Russia's most dangerous weapon
Russia to impose sanctions on WADA for Winter Olympics 2018
Russian Guard to see enemies behind walls
What will happen if USA freezes Russian dollar assets?
Ukraine suspicious about Russia's intention to give away rusty ships to Kiev
Russian Armed Forces to receive second-to-none gliding bomb
Euro-Islam: New religion to break migrants in EU
Euro-Islam: New religion to break migrants in EU
Euro-Islam: New religion to break migrants in EU
Euro-Islam: New religion to break migrants in EU
Turkey distances itself from Russia to plunge Syria into greater chaos
Terrorists work on another 9/11 for USA
USA will seize Kuril Islands immediately if Russia delivers them to Japan
Russia to impose sanctions on WADA for Winter Olympics 2018
Russia to impose sanctions on WADA for Winter Olympics 2018
Turkey distances itself from Russia to plunge Syria into greater chaos
Turkey distances itself from Russia to plunge Syria into greater chaos
Turkey distances itself from Russia to plunge Syria into greater chaos