Takata logs second year of red ink, expects return to profit

Published May 11, 2016

In this Wednesday, May 4, 2016 photo, visitors look at child seats manufactured by Takata Corp. at an automaker's showroom in Tokyo. Takata, the Japanese auto-parts maker behind a massive air-bag recall, is expecting a return to profit for the fiscal year through March 2017, although it just agreed to do more recalls. Tokyo-based Takata reported a 13 billion yen ($120 million) loss Wednesday, May 11, for the fiscal year ended March — the second straight year of red ink. (AP Photo/Shizuo Kambayashi) (The Associated Press)

Takata Corp., the Japanese auto-parts maker behind a massive air-bag recall, is expecting a return to profit for the fiscal year through March 2017, although it just agreed to do more recalls.

Tokyo-based Takata reported a 13 billion yen ($120 million) loss Wednesday for the fiscal year ended March — the second straight year of red ink.

It had originally forecast a profit. It racked up a 29.6 billion yen loss the previous fiscal year.

Air-bag inflators can explode with too much force and spew shrapnel into vehicles. The inflators are responsible for at least 11 deaths worldwide and more than 100 injuries.

Last week, the U.S. National Highway Traffic Safety Administration added up to 40 million Takata air bags to the ongoing recall of 28.8 million air bags.

URL

https://www.foxnews.com/world/takata-logs-second-year-of-red-ink-expects-return-to-profit