Crisis-hit Kobe Steel on Monday yanked its net profit forecast for the current fiscal year, saying it could not yet determine how much a snowballing fake data scandal would damage its business. The company also cancelled a planned dividend as it withdrew its projection for a 35 billion yen…
Crisis-hit Kobe Steel on Monday yanked its net profit forecast for the current fiscal year, saying it could not yet determine how much a snowballing fake data scandal would damage its business.
The company also cancelled a planned dividend as it withdrew its projection for a 35 billion yen net profit in the year to March 2018.
It had announced the forecast before the quality data crisis erupted several weeks ago.
“It’s difficult at this moment to assess how much the improper conduct concerning products made by our company and group companies will impact earnings,” Kobe Steel said in a statement.
