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Honda records 20% profit rise

TOKYO — Japanese automaker Honda reported today a 20 percent jump in fiscal first quarter profit on the back of a cheap yen that offset the damage from a massive air bag recall.

Honda Motor’s April-June net profit totaled $1.5 billion.

Quarterly sales gained nearly 16 percent to $29.9 billion.

The Tokyo-based maker of the Accord sedan and Odyssey minivan has been the hardest hit among automakers from the costs related to a global recall of Takata’s air bags that can explode.

Takata has recalled almost 34 million air bag inflators in the United States. Globally, the recalls number more than 57 million, although some of the vehicles are being recalled more than once.

At least eight people have been killed and 100 have been injured by Takata air bags, which can explode with too much force and spew shrapnel into the vehicle.

Honda, which has a stake in Takata, relies heavily on the Tokyo-based air bag and seat belt maker.

Honda estimates its recalls related to Takata air bags worldwide at 24.5 million.

It did not break down costs for the quality woes, but said that was part of the overall sales and administrative expenses estimated at $484 million.

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