Supplier and contract assembler Magna International has reported reduced profits for full-year 2006.
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Operating income was $US792m for 2006 compared to $942m for 2005, and net income of $528m was off compared to $639m for 2005.
Earnings per share were $Can4.78 for 2006 compared to $5.90 for 2005.
Sales in 2006 rose 6% to $US24.2bn.
Magna said North American and European average dollar content per vehicle increased 6% and 14% respectively, over 2005 while North American and European vehicle production declined 2% and 3% respectively.
Complete vehicle assembly sales increased 7% to $4.4bn in 2006 as volumes rose 8% to about 248,000 units.
For full year 2007, Magna expects consolidated sales between $22.9bn and $24.2bn, based onlight vehicle volumes of approximately 15.4m units in North America and approximately 15.5m units in Europe.
Full year 2007 average dollar content per vehicle is expected to be between $770 and $800 in North America and between $375 and $400 in Europe. It expects complete vehicle assembly sales to be between $3.5bn and $3.8bn.
