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Decreasing Production at Magna Austria
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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…
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