Magna International has posted net income of $193 million for the second quarter ended June 30, 2004, 12% up on a year ago.

Sales increased 40% to $5.1 billion for the quarter, reflecting increases of 15% in North American content per vehicle and 86% in European content per vehicle.

The increases were partially offset by the impact of customer price concessions and lower production on certain high content programmes.

The increase in content per vehicle in Europe was largely attributable to new vehicle programs that launched during or subsequent to the second quarter of 2003, in particular the launch of complete vehicle assembly programmes at Magna Steyr, the strengthening of the euro and British pound, each against the US dollar, and increased production on existing programmes. These increases were partially offset by customer price concessions.

During the second quarter of 2004, North American vehicle production was essentially unchanged and European vehicle production increased approximately 2%.

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First half net income increased 16% to $377 million.