Decreasing Production at Magna Austria

IndustrialsAutomotive ♦ Published: May 11, 2012; 12:58 ♦ (Vindobona)

The Canadian automotive component supplier records rising revenues and profits. The Austrian subsidiary registers a cut of 10% in production.

Decreasing Production at Magna Austria / Picture: © Magna

In the first quarter, net income rose from $ 322m to $ 343m. Revenues were up from $ 7.2bn to $ 7.66bn. The expectations of analysts could be exceeded. The group revenues in 2012 are expected to reach about $ 30bn. In Europe, Magna faces decreasing results: production was down by 7%. By contrast, production in North America increase by 17%.

The Austrian subsidiary Magna Steyr…