IFS Capital expects net loss for Q2 2013 and HY 2013

Client's business failure partly to blame.

The Board of Directors of IFS Capital Limited (IFS) wishes to announce that based on the preliminary review of the Group’s draft unaudited consolidated financial results for the second quarter ended 30 June 2013 (Q2 2013) and for the six months ended 30 June 2013 (HY 2013) and the information currently available, the IFS Group is expected to report a net loss for Q2 2013 and HY 2013 as compared to a profit recorded in the respective corresponding periods of the previous year.

This is mainly due to the Group’s decision to make full provisions for loan losses and for unexpired risks in Q2 2013 against the business failure of a client. The Group has commenced all the necessary recovery actions against all relevant parties to mitigate the loss. However, while there may be some prospect of recovery, the amount and timing is currently uncertain. For prudential purposes, the Group has decided to make full provision for the potential loss in Q2 2013.

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