UPDATE 1-Magna reports 53 pct drop in fourth-quarter profit

Newswire

(Adds details. Changes dateline, previous NEW YORK) TORONTO, Feb 28 (Reuters) - Magna International reported a 53 percent drop in fourth-quarter profit on Tuesday as the Canadian auto-parts group battled higher prices for raw materials and restructuring charges. The company said its net profit during the three months ended Dec. 31 was $83 million, or 75 cents a share, down from a year-ago profit of $177 million, or $1.81 per share. Magna said its quarterly profit was reduced by $157 ...

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