Magna International has reported a narrower loss for the fourth quarter of 2009, helped by higher volume in Europe and North America.
Net loss for the quarter was USD139 million, narrower than USD148 million in the previous year.
Magna posted sales of USD17.4 billion for full-year 2009, a decrease of 27% from 2008. This lower sales level was a result of decreases in North American and European production sales, complete vehicle assembly sales and tooling, engineering and other sales, offset in part by an increase elsewhere in the world.
During 2009, operating loss was USD511 million, net loss was USD493 million.
Magna posted sales of USD$5.4 billion for the fourth quarter ended December 31, 2009, an increase of 12% from the fourth quarter of 2008. This higher sales level was a result of increases in North American, European and Rest of World production sales and complete vehicle assembly sales.
During the fourth quarter of 2009, operating loss was US$125 million, net loss was US$139 million.
For the full year 2010, Magna said it expect consolidated sales to be between US$19 billion and US$20 billion, based on full year 2010 light vehicle production volumes of approximately 10.5 million units in North America and approximately 11.4 million units in Europe.