Magna profit rises on strong North American demand

Thu May 10, 2012 8:26am EDT

TORONTO May 10 (Reuters) - Magna International Inc, one of the world's biggest auto parts manufacturers, said on Thursday its first-quarter profit rose 6.5 percent, as increased demand in North America more than offset the impact of the slowdown in western Europe

Magna, which is also holding its annual meeting in Toronto on Thursday, said net income rose to $343 million or $1.46 a share, up from $322 million, or $1.30 a share, a year earlier.

Revenue increased to 6.6 percent to $7.67 billion.

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