News: SIV Silver Chef says has been victim of material fraud attack

Nov 17 (Reuters) - Silver Chef Ltd (SIV) :

• 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