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3 years ago
Takata expects record net loss in FY 2014/15 as recall escalates
August 7, 2014 / 6:52 AM / 3 years ago

Takata expects record net loss in FY 2014/15 as recall escalates

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TOKYO, Aug 7 (Reuters) - Auto parts maker Takata Corp said it expects a record net loss of 24 billion yen ($235 million) in the year to March 2015, hit by one of the biggest series of recalls in automotive history due to potentially explosive air bag inflators.

The world's second-biggest automotive safety parts maker also on Thursday posted a 38.65 billion yen net loss for the April-June quarter, reversing a 4.22 billion yen net profit from the same period a year ago.

A full-year loss would be its second in three years, following a net loss of 21.1 billion yen for the year ended in March 2013.

Nine automakers including Honda Motor Co and Toyota Motor Corp have recalled more than 12 million vehicles since November 2008 due to the risk that air bags made by Takata could explode.

Car makers are also conducting separate regional recalls, known as "field actions", in the United States to replace Takata air bag inflators. Honda said its regional recall involved around 3 million vehicles. (1 US dollar = 102.3100 Japanese yen) (Reporting by Yoko Kubota; Editing by Edmund Klamann and Stephen Coates)

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