Auto parts maker posts encouraging first-quarter profit numbers

Canadian auto parts maker Magna International Inc posted a 14.3 per cent rise in first-quarter profit today, helped by higher demand for mirrors and electronic components.

According to Reuters, net income attributable to the company rose to $660 million, or $1.83 per share, for the three months ended March 31 from $577 million, or $1.51 per share, a year earlier.

The Aurora, Ont.-based company’s sales rose to $10.79 billion from $8.90 billion.

(Reuters)