Honda Motor Co. said Friday its net profit fell 32.4 percent in the business year ended in March, as costs related to a recall of defective air bag inflators made by Takata Corp. offset solid sales in North America and Asia.
Honda, the nation's third-biggest carmaker by volume, posted a group net profit of ¥344.53 billion ($3.17 billion) for the year, down from ¥509.44 billion the previous year.
Sales grew 9.6 percent to ¥14.60 trillion, while operating profit sagged 24.9 percent to ¥503.38 billion.