Honda restates earnings after booking expanded airbag recall costs

Honda Motor Co on Friday restated its financial results for the business year ended March, to account for additional costs to cover an expanded recall of cars equipped with Takata Corp (7312.T) air bag parts. Under international accounting standards, which Honda adopted from this year, operating profit was 670.6 billion yen last year, down 19 percent from the previous year, it said, stating results under the new standards for the first time. Honda earlier this month said it would restate its earnings as it had to book an additional cost of 44.8 billion yen after Takata, its top air bag supplier, agreed to an expanded recall in the United States last month.

Honda restates earnings after booking expanded airbag recall costs source: http://finance.yahoo.com/news/honda-restates-earnings-booking-expanded-073926124.html