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.
The decision to exclude Portugal, the country with one of the best records in managing Covid-19, is typical of a Government that has lost the plot