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Magna Entertainment reports $50.45 million profit for Jan. 1 to Feb. 7
By Caroline Salls
Pittsburgh, March 1 - Magna Entertainment Corp. reported a $50.45 million net profit for the period of Jan. 1 to Feb. 7 on zero revenues, according to its monthly operating report filed Monday with the U.S. Bankruptcy Court for the District of Delaware.
In comparison, the company posted a $5.47 million net profit for the period of Nov. 30 to Dec. 31, also on zero revenues.
The company had $1.08 million in cash and cash equivalents at Feb. 7, down from $4.4 million at Dec. 31.
Magna, an Aurora, Ont.-based owner and operator of horse racetracks, filed for bankruptcy on March 5, 2009. Its Chapter 11 case number is 09-10720.
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