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Takata reports a $699 mln annual loss for 2016/17
May 10, 2017 / 6:45 AM / 6 months ago

Takata reports a $699 mln annual loss for 2016/17

TOKYO, May 10 (Reuters) - Japan’s Takata Corp on Wednesday reported a full-year net loss of 79.6 billion yen ($699.04 million) - its third consecutive annual loss - as the embattled auto parts maker faces bankruptcy over costs related to the recall of its potentially deadly air bag inflators.

Even as it faces the auto industry’s biggest-ever recall, Takata forecast a net profit of 5 billion yen in the year to March.

The company is seeking a financial sponsor to help pay for the recall-related liabilities. U.S. auto components maker Key Safety Systems and private equity fund Bain Capital are trying to strike a rescue deal worth around 200 billion yen with Takata’s steering committee and its automaker customers in the coming weeks, more than a year after the search began for a financial suitor. ($1 = 113.8700 yen) (Reporting by Naomi Tajitsu and Sam Nussey; Editing by Miral Fahmy)

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