CANADA: Tesma boosts quarterly revenue and profit
Automotive parts supplier Tesma International has posted higher quarterly profits and revenue compared with a year ago when it recorded a large impairment charge, Reuters reported.
The company posted a profit of $US20.7 million, or 63 cents a share, for the quarter ended December 31, up from net income of $9.7 million, or 30 cents a share, in the previous year when it took a 26 cents a share charge related to its Eralmetall die-casting plant, the report added.
Analysts on average had forecast a profit of 57 cents a share, according to Reuters Research.
Tesma, which is one of the Magna International group companies, reportedly said quarterly revenues rose to $298.1 million from $247.8 million a year ago.
For the year, the firm notched up a profit of $74.1 million on sales of $1.1 billion, Reuters said.