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Japan’s Takata Corp. post net loss of ¥64b

Japan’s Takata Corp. post net loss of ¥64b

TOKYO: Struggling air bag maker Takata Corp. said it expects to post a group net loss of ¥64 billion for the year ending next month, the largest annual loss since its stock listing on the Tokyo Stock Exchange’s First Section in 2006.

The dismal outlook comes as Takata last month agreed to pay $1 billion dollars in fines to settle a U.S. Justice Department investigation into its handling of rupture-prone air bags.

Takata thus expects to post a third consecutive year of net loss. It previously projected a net profit of ¥20 billion. The U.S. settlement forced the company to book ¥96.9 billion in special loss for the first nine months of the year.

As a result, Takata swung to a net loss of ¥67.13 billion in the nine-month period from a profit of ¥2.52 billion a year before.