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Takata expects full-year loss on air bag recall-related costs
[TOKYO] Japanese air bag maker Takata Corp on Friday said it was expecting a full-year loss as the company anticipates costs related to a massive global product recall will eat away at its bottom line.
Takata expects to post a net loss of 64.0 billion yen (US$562.74 million) for the year to March compared with a previous forecast for a net profit of 20.0 billion yen.
A net loss for the year would be the company's third loss in as many years, and would follow a net loss of 21.1 billion yen last year.
Takata, facing billions of dollars in additional recall-related costs, has been looking for a sponsor to lead its restructuring. People familiar with the matter have told Reuters that Key Safety Systems has been selected as a final bidder for a restructuring deal.