Magna International quarterly profit drops

Newswire

NEW YORK, Feb 28 (Reuters) - Canadian auto-parts group Magna International Inc. said on Tuesday its quarterly net income dropped sharply from a year earlier with restructuring and other charges. Magna said fourth-quarter net income fell to $83 million, or 75 cents per share, from $177 million, or $1.81 per share a year earlier. Earnings in the 2005 quarter were reduced by $157 million in pretax net charges, or $1.07 per share, the company said. Magna said it expected additional ...

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