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BRIEF-Silver Chef says has been victim of material fraud attack

Published 17/11/2016, 06:37 pm
© Reuters.  BRIEF-Silver Chef says has been victim of material fraud attack
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Nov 17 (Reuters) - Silver Chef Ltd SIV.AX :

* Has been victim of material fraud attack involving fraudulent customers working in conjunction with fraudulent gogetta equipment vendors

* Has only just quantified financial impact of matter and investigation into fraud event with assistance of third parties is ongoing

* Company expects a strong skew to earnings in second half due to inertia in rental asset base

* Written down value of rental equipment subject to fraud is $3.3 million

* Company expects once-off after tax impairment charge of $2.2 million

* At 31 december 2016, underlying earnings in range of $6.3 to $7.3 million after tax

* Statutory earnings for 30 june 2017 is expected to be in range of $21.0 to $23.0 million after tax

* Business continues to perform in line with expectations during quarter 1 of fy17

* Sees underlying earnings for 30 june 2017 in range of $23.0 to $25.0 million after tax

* Company has notified authorities to assist in pursuing fraudulent customers and vendors

* Company is exploring all options of financial recovery through its investigation process

* At 31 december 2016, statutory earnings is expected to be in range of $4.0 to $5.0 million after tax Source text for Eikon: Further company coverage: SIV.AX

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