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 yesterday for the fiscal year that ended in March - the second straight year of red ink. It had originally forecast a profit, but revised that to a loss earlier this week. It racked up a 29.6 billion yen loss the previous fiscal year.
What lies ahead for Takata is largely unclear because automakers handling the recalls - which includes many major automakers around the world, such as Honda Motor Co., Ford Motor Co. and BMW, will bill Takata. And all the replacements are not yet done. Class-action lawsuits that Takata is almost certain to face will add to the ballooning expenses.
The air-bag inflators involved in the spate of recalls 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.
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