03:32 PM EST - MI Developments : reported a lower first-quarter profit on Friday as higher operating costs offset stronger revenue. The company, which holds a controlling investment in Magna Entertainment, said its consolidated profit fell to $23.3 million, or 48 cents a share, from $24.5 million, or 51 cents a share, in the same quarter last year. Consolidated revenue increased to $324.1 million from $317.2 million. MI Developments
shares T.MIM.A are trading up 14 cents at $42.39.
