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Profits and revenues recorded an increase Magna

Magna International (TSX: MG) has displayed Friday a profit increase of more than seven per cent for the first quarter, the manufacturer of auto parts has managed to increase its sales despite the general slowdown in the industry.

Ontario company has reported a net profit attributable to shareholders of U.S. $ 369 million, or $ 1.57 per share, compared

to that of U.S. $ 343 million, or U.S. $ 1.46 per share in the same period last year.

Revenues increased to U.S. $ 8.36 billion, against $ 7.67 billion a year earlier. This increase of nine per cent of turnover comes as the manufacture of new vehicles in North America grew by only one percent and it has dropped nine percent in Europe.

The company noted that its sales on a global scale, including those in the battlements of the tooling and engineering, surged in the first quarter compared to the same period the previous year.

Assembly of vehicles to them as revenue increased by 33 percent from a U.S. $ 798 million in the first quarter compared to U.S. $ 599 million in the first quarter of last year. As for vehicle assembly volumes, they climbed 25 percent to about 37,000 units.

Magna International is active in 29 countries and has approximately 121,000 employees.

The action of Magna took Friday $ 2.25, or 3.6 percent, the Toronto Stock Exchange, to complete a $ 65.46.

Profits and revenues recorded an increase Magna picture #1

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