(MENAFN) Honda said its fiscal-year net profit fell 8.9 percent to USD4.4 billion as it deals with soaring recall costs, including from an exploding airbag crisis linked to at least five deaths, Arab News reported.
The company said it earned USD4.4 billion in the year through March, worse than its most recent estimate of a USD4.57 billion profit, while operating profit dropped 13 percent to USD5.47 billion.
The company said its fiscal fourth-quarter operating profit dropped about one-third, while it took a USD425 million recall-related charge in the October-December quarter.
"The results were due primarily to an increase in selling, general and administrative... expenses including quality-related expenses and a decline in automobile unit sales in Japan," Honda said.
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