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Honda Disappoints Market With $3.16B Loss

Japanese automaker Honda (HMC - Get Report) reported a worse-than-expected consolidated net loss of ¥344.5 billion ($3.16 billion) for the year ended March 31, 2016 owing mainly to costs stemming from the recall of models installed with faulty airbag inflators manufactured by Takata. Honda shares closed down 2.1% in Tokyo.

While the Tokyo-based manufacturer of the Civic and Accord models enjoyed year-on-year sales growth of 9.6%, operating profit dropped 24.9% to ¥503.3 billion. The company attributed the decline to currency effects and higher expenses, including...