Wednesday , December 7 2016
Home / Business / Japan air bag maker Takata Corp reports loss of $46 million

Japan air bag maker Takata Corp reports loss of $46 million

takata

Tokyo: Embattled air bag maker Takata Corp reported a net loss of 5.58 billion yen ($45.8 million) for the six months that ended in September as costs from a massive recall of defective air bags bit into strong growth in sales.

The Tokyo-based company cut its profit forecast for the full fiscal year that will end in March to 5 billion yen ($41 million) from 20 billion yen.

Takata said its sales totaled 359.4 billion yen ($2.95 billion) in April-September.

The financial results reported Friday capped a week of bad news for Takata after at least three major customers, including Honda Motor Co., said they would stop purchasing the types of air bags at the center of the product safety scandal.

PTI