Magna – the Canadian-based auto components group – has reported flat earnings for Q4. Net income for the fourth quarter was $119 million versus $120 million in the same quarter of the previous year.

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The results were broadly in line with analyst forecasts.


For 2001 as a whole, net income was £11,026 million, compared to $10,513 million in 2000.


Fourth quarter sales were $2,829 million against $2,741 million in Q4 2000.


The company said that despite declines in vehicle production levels of 5% in North America and 7% in Europe, automotive sales for the fourth quarter increased 3% from the fourth quarter of 2000. The higher sales reflect a 9% increase in North American content per vehicle and a 27% increase in European content per vehicle.

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