{"id":14201,"date":"2023-05-26T11:53:28","date_gmt":"2023-05-26T15:53:28","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/latitude-group-flags-sharp-drop-in-earnings-due-to-cyberattack-shares-fall\/"},"modified":"2023-05-26T11:53:28","modified_gmt":"2023-05-26T15:53:28","slug":"latitude-group-flags-sharp-drop-in-earnings-due-to-cyberattack-shares-fall","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14201","title":{"rendered":"Latitude Group flags sharp drop in earnings due to cyberattack, shares fall"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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By Navya Mittal and Himanshi Akhand<\/p>\n

(Reuters) -Australia’s Latitude Group on Friday forecast a steep fall in fiscal 2023 earnings due to higher credit losses and provisions associated with a recent cyberattack, sending its shares nearly 10% lower.<\/p>\n

The company, which provides credit cards and personal loans for some of Australia’s biggest retailers, said in March hackers stole nearly 8 million Australian and New Zealand drivers’ licence numbers.<\/p>\n

Australia has been roiled by a raft of cyberattacks since late last year, with Latitude ranking among the country’s biggest data thefts.<\/p>\n

Data compiled by the government agency Australian Cyber (ACSC) showed 76,000 cyber incidents were reported in the 2022 financial year, a 13% increase from the year before.<\/p>\n

Earlier this month, the privacy regulators of Australia and New Zealand began a joint investigation into the company’s practices of handling personal information.<\/p>\n

“It’s probably fair to say that Australian authorities have been reactive rather than proactive up to this point,” said Tim Waterer, chief market analyst at KCM Trade.<\/p>\n

New account originations and collections were closed or severely restricted for nearly five weeks as the group responded to the cyberattack.<\/p>\n

“Latitude had anticipated some normalisation in loss ratios across its portfolio, however the cyber-attack has materially worsened this trend due to lost collections activity,” the group said in a statement.<\/p>\n

The consumer finance firm said it expects to recognise about A$53 million after tax in provisions for the first half, adding that the cost does not include the potential for regulatory fines or class actions.<\/p>\n

“Today’s announcement crystalised the impact on the company in terms of the bottom line… in general, when a company all but confirms there won’t be a dividend on the way, this doesn’t tend to go down that well with investors,” Waterer added.<\/p>\n

Latitude expects cash net profit after tax (NPAT) in the range of A$5 million to A$10 million ($3.4 million – $6.8 million) for the half year to June 30, compared with a cash NPAT of A$93 million in the year-earlier period.<\/p>\n

It also expects a statutory loss after tax from continuing operations in the range of A$95 million to A$105 million for the half year, compared to a profit of A$30.6 million a year ago.<\/p>\n

Full-year cash NPAT is likely to be in the range of A$15 million to A$25 million, with statutory result expected to be a loss, Latitude said, adding that it was unlikely that it would declare a dividend for the six months.<\/p>\n

Shares of the company fell as much as 9.7% to A$1.170, hitting their lowest level since March 30.<\/p>\n

($1 = 1.4743 Australian dollars)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. By Navya Mittal and Himanshi Akhand (Reuters) -Australia’s Latitude Group on Friday forecast a steep fall in fiscal 2023 earnings due to higher credit losses and provisions associated with a recent cyberattack, sending its shares nearly 10% lower. The company, which provides credit cards and personal loans for some of Australia’s biggest retailers, […]<\/p>\n","protected":false},"author":1,"featured_media":4388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-14201","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nLatitude Group flags sharp drop in earnings due to cyberattack, shares fall | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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