Hino Motors Ltd., the nation's largest maker of heavy-duty trucks, had a wider-than-expected annual loss because of falling sales and one-time costs from a change in its pension system.
The net loss totaled about ¥61.8 billion for the year ended March 31, compared with a profit of ¥22.2 billion a year earlier, Hino said in a statement Tuesday. The Tokyo-based company projected a loss of ¥33 billion.
Hino, 50 percent owned by Toyota Motor Corp., booked one-time costs of ¥24.5 billion from pension-related charges and writedowns on tax assets, it said. The company also said it will omit second-half dividends.
Sales for the 12-month period probably fell to ¥1.07 trillion, down 22 percent from a year earlier, Hino said. The company had an operating loss of about ¥19.4 billion, compared with a profit of ¥45.9 billion a year ago.