Kobe Steel Ltd., Japan's third-biggest steel-maker, on Friday posted its first annual profit in three years, even after admitting to falsifying quality data, a scandal that affected hundreds of customers and hurt the country's reputation for manufacturing prowess.
Kobe Steel reported profit of ¥63.19 billion ($578 million) for the fiscal year ending March 31, against a loss of ¥23.05 billion a year earlier.
The result was above its own forecast of ¥45 billion and an estimate of ¥49.56 billion among seven surveyed analysts.