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Honda Restates Fiscal Results to Cover Airbag Recall Costs
Honda Motor Co. cut its previously reported operating profit for the fiscal year ended March 31 by 45 billion yen ($361 million) under U.S. accounting rules to cover higher recall costs associated with defective Takata Corp. airbag inflators.
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Honda Motor Co. cut its previously reported operating profit for the fiscal year ended March 31 by 45 billion yen ($361 million) under U.S. accounting rules to cover higher recall costs associated with defective Takata Corp. airbag inflators.
The company's revised operating profit of 607 billion yen ($4.9 billion) was down 19% from the previous fiscal year. Using international accounting standards, the decline was 19% to 671 billion yen ($5.4 billion).
Honda said two weeks ago it would move a 45 billion-yen charge into the last fiscal year because U.S. accounting rules would consider the cost something Honda should have anticipated.
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