Japan's IHI forecasts swing to annual loss from GTF engine issue

TOKYO (Reuters) - Japan's IHI forecast on Wednesday a big swing to the red this business year due to the impact of additional inspections announced last month by Pratt & Whitney parent RTX Corp for the Geared Turbo Fan (GTF) engine system.

IHI said the extra cost of inspection would shave 160 billion yen ($1.07 billion) at the operating level for the year ending March 31, 2024. As a result, it now expects an annual net loss of 90 billion yen instead of the previous forecast of 50 billion yen, it said.

RTX last month took a $3 billion charge and told airlines that hundreds of their Airbus jets would be grounded at any one time in coming years to check for a rare manufacturing flaw.

IHI controls about 15% of the GTF programme.

($1 = 149.8400 yen)

(Reporting by Kaori Kaneko; Editing by Chang-Ran Kim)