TORONTO — Magna International Inc. says its first-quarter profit fell compared with a year ago as it recorded US$316 million in asset impairments and restructuring costs related to troubled electric vehicle company Fisker .
Magna, which keeps its books in U.S. dollars, says it earned US$9 million or three cents US per diluted share for the quarter ended March 31.ADVERTISEMENT On an adjusted basis, Magna says it earned US$1.08 per diluted share in its latest quarter, down from an adjusted profit of US$1.15 per diluted share a year earlier.
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Restructuring Costs Fisker
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