Kina Securities Expects Reduction in Fiscal 2024 Profit Stemming from Fraud Incident; Shares Down 6%

MT Newswires Live06-18

Kina Securities (ASX:KSL) expects an aggregate pretax loss ranging from 12 million Papua New Guinean kina and 15 million kina related to a recent customer fraud incident.

The fraud instance affected several accounts belonging to a small number of customers, the company said in a Tuesday filing with the Australian bourse.

As a result, the financial services company expects fiscal 2024 post-tax net profit to range between 102.9 million kina and 111.2 million kina, lower than the consensus estimate of 117.8 million kina.

While Kina Securities is currently evaluating its prospects for the recovery of these fraud losses, it has assumed nil recoveries against these losses at half year.

Shares of the company were down 6% in recent trade.

Price (AUD): $0.88, Change: $-0.07, Percent Change: -7.37%

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2444123551?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-06-18 10:09","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2444123551","market":"us","top_or_hot":-1,"title":"Kina Securities Expects Reduction in Fiscal 2024 Profit Stemming from Fraud Incident; Shares Down 6%","media":"MT Newswires Live","content":"<html><body><p> Kina Securities (ASX:KSL) expects an aggregate pretax loss ranging from 12 million Papua New Guinean kina and 15 million kina related to a recent customer fraud incident.</p><p>The fraud instance affected several accounts belonging to a small number of customers, the company said in a Tuesday filing with the Australian bourse.</p><p>As a result, the financial services company expects fiscal 2024 post-tax net profit to range between 102.9 million kina and 111.2 million kina, lower than the consensus estimate of 117.8 million kina.</p><p>While Kina Securities is currently evaluating its prospects for the recovery of these fraud losses, it has assumed nil recoveries against these losses at half year.</p><p>Shares of the company were down 6% in recent trade.</p><p>Price (AUD): $0.88, Change: $-0.07, Percent Change: -7.37%</p></body></html>","source":"mtnewswires_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Kina Securities Expects Reduction in Fiscal 2024 Profit Stemming from Fraud Incident; Shares Down 6%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKina Securities Expects Reduction in Fiscal 2024 Profit Stemming from Fraud Incident; Shares Down 6%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-18 10:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.mtnewswires.com/><strong>MT Newswires Live</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Kina Securities (ASX:KSL) expects an aggregate pretax loss ranging from 12 million Papua New Guinean kina and 15 million kina related to a recent customer fraud incident.The fraud instance affected ...</p>\n\n<a href=\"https://www.mtnewswires.com/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7135","symbol_name":"综合性银行","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2444123551","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2444123551","pubTimestamp":1718676560,"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"summary":"Kina Securities  expects an aggregate pretax loss ranging from 12 million Papua New Guinean kina and 15 million kina related to a recent customer fraud incident.The fraud instance affected several accounts belonging to a small number of customers, the company said in a Tuesday filing with the Australian bourse.As a result, the financial services company expects fiscal 2024 post-tax net profit to range between 102.9 million kina and 111.2 million kina, lower than the consensus estimate of 117.8 million kina.While Kina Securities is currently evaluating its prospects for the recovery of these fraud losses, it has assumed nil recoveries against these losses at half year.Shares of the company were down 6% in recent trade.Price : $0.88, Change: $-0.07, Percent Change: -7.37%","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7135":"综合性银行","BK4125":"广播","AUD":"Audacy Inc.","KSL.AU":"KINA SECURITIES LTD"},"translate_title":"基纳证券预计2024财年利润将因欺诈事件而减少；股价下跌6%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AUD":1,"KSL.AU":0.9},"content_text":"Kina Securities (ASX:KSL) expects an aggregate pretax loss ranging from 12 million Papua New Guinean kina and 15 million kina related to a recent customer fraud incident.The fraud instance affected several accounts belonging to a small number of customers, the company said in a Tuesday filing with the Australian bourse.As a result, the financial services company expects fiscal 2024 post-tax net profit to range between 102.9 million kina and 111.2 million kina, lower than the consensus estimate of 117.8 million kina.While Kina Securities is currently evaluating its prospects for the recovery of these fraud losses, it has assumed nil recoveries against these losses at half year.Shares of the company were down 6% in recent trade.Price (AUD): $0.88, Change: $-0.07, Percent Change: -7.37%","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2444123551"}