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Article: Axis: It's a net loss of RM68m for year ended March 2008
- Article from:
- New Straits Times
- Article date:
- November 1, 2008
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New Straits Times
11-01-2008
Axis: It's a net loss of RM68m for year ended March 2008
Edition: Main/Lifestyle
Section: Business Times
Type: Company
TEXTILE and garment maker Axis Incorporation Bhd said it has made a net loss of RM68.44 million for the year ended March 2008, instead of a net profit of RM16.1 million reported earlier in May this year.
In a statement to Bursa Malaysia yesterday, Axis said the key factors leading to the downward revision included understatement of sales costs, allowance for doubtful debts, overprovision of current and deferred taxes, provision for cost of sales and unrealised profit on fabrics held by certain contract manufacturers.
Axis has come under scrutiny ...