August 1, 2018 / 7:48 AM / 2 months ago

Kobe Steel says data-tampering scandal cuts April to June profit by 2.5 billion yen

TOKYO (Reuters) - Kobe Steel Ltd (5406.T) said on Wednesday its data-tampering scandal has cut its profit by 2.5 billion yen (£17 million) in the April to June quarter and still expects the issue will have a profit impact of 10 billion yen for the year to March 2019.

FILE PHOTO: The Kobe Steel (Kobelco) headquarters building is seen in Kobe, western Japan October 24, 2017. REUTERS/Thomas White/File Photo

“Our market share in some areas, such as aluminium products, has fallen due to the data falsification,” Yoshihiko Katsukawa, senior managing executive officer at Kobe Steel, told a news conference.

Kobe Steel, Japan’s third-biggest steelmaker, said last month it has been indicted by prosecutors over data tampering that shook global faith in Japanese manufacturing prowess last year.

Reporting by Yuka Obayashi; Editing by Christian Schmollinger

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