Magna International Inc. MG-T says its first-quarter profit fell compared with a year ago as it recorded US$316-million in asset impairments and restructuring costs related to troubled electric vehicle company Fisker.
Magna builds the Ocean SUV for Fisker, which failed to make a required interest payment in March and warned it could seek bankruptcy protection.
Magna, which keeps its books in US dollars, says it earned US$9-million or three cents US per diluted share for the quarter ended March 31.
The result was down from a profit of US$209-million or 73 cents US per diluted share a year earlier.
Sales for the quarter totalled US$10.97-billion, up from US$10.67-billion in the same quarter last year.
On an adjusted basis, Magna says it earned US$1.08 per diluted share in its latest quarter, down from an adjusted profit of US$1.15 per diluted share a year earlier.