Hino Forecasting 55-B.-Yen Net Loss for FY 2022

Tokyo, Feb. 3 (Jiji Press)--Hino Motors Ltd. <7205> expects to post a consolidated net loss of 55 billion yen in fiscal 2022 through March, being in the red for the third straight year, the Japanese commercial vehicle maker has said.

The estimate reflects extraordinary losses linked to the company's falsification of exhaust emission and fuel economy data.

The special losses are currently forecast at 37.4 billion yen--4.1 billion yen in recall costs, 14.1 billion yen in additional payments of tax benefits regarding exhaust gas and fuel efficiency, and 19.2 billion yen in compensation to parts suppliers and customers.

The customer compensation costs may increase further. On this, Hino Chief Financial Officer Yasushi Nakano said that the company hopes to announce a definite amount by the end of March.

The net loss projection does not reflect impacts of group lawsuits filed in the United States and Australia because they are ongoing, according to the company.

[Copyright The Jiji Press, Ltd.]