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Kobe Steel withdraws profit forecast, halts dividend payouts

Japan's megabanks said preparing to assist steelmaker as share, bond prices drop

SHOTARO TANI, Nikkei staff writer | Japan

TOKYO -- Kobe Steel took back its net profit forecast for the current fiscal year and decided not to pay interim dividends for the six months ended in September, due to uncertainties surrounding potential losses from its ongoing data fabrication scandal.

The decision was announced on Monday along with its earnings result for the three months ended in September. The company had previously forecast a 35 billion yen ($307 million) net profit for the year ending March 2018, which would have been its first net profit in three fiscal years.

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