August 1, 2018 / 7:48 AM / 4 months ago

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

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

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.

“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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