Magna reports year-on-year sales rise

Automotive supplier Magna has posted sales of $5.5bn (£3.6bn) for the first quarter ended 31 March 2010, an increase of 54 per cent from the first quarter of 2009.

During the first quarter of 2010, operating income was $285m, net income was $223m and diluted earnings per share were $1.97 – increases of $515m, $423m and $3.76, respectively, compared with the first quarter of 2009.