Hino Posts $628 Million Loss on Pension Charges

Hino Motors Ltd., Japan’s largest heavy-duty truck maker, had a wider-than-expected annual loss because of falling sales and one-time costs from a change in its pension system, Bloomberg reported Tuesday.

The net loss totaled about 61.8 billion yen, ($628 million) for the fiscal year ended March 31, compared with a profit of 22.2 billion yen ($225 million) a year earlier, the company said in a statement.

Hino, which is 50% owned by Toyota Motor Corp., had projected a loss of 33 billion yen ($336 million), Bloomberg reported. Sales fell about 22% to 1.07 trillion yen ($10.9 billion).