Hino posts record annual net loss following data falsification scandal
Japanese truck and bus maker Hino Motors has posted a record annual net loss after booking expenses to cover penalties related to a data falsification scandal.
Hino on Thursday reported its financial results for the fiscal year that ended in March. It recorded a net loss of 217.7 billion yen, or around 1.53 billion dollars.
The company paid large penalties to US authorities for falsifying emissions and fuel economy figures. It also booked an extraordinary loss for other legal settlements outside Japan.
But Hino's net sales increased 11.9 percent from a year earlier to roughly 11.9 billion dollars.
The company also made an operating profit of some 403 million dollars, recovering from a loss the previous year.
Hino said it expects to make a net profit of about 140 million dollars for the current fiscal year.
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