COMMENT by Standard and Poors: Axis’ results for the second quarter (2Q) for financial year (FY) ended March 31, 2009, were disappointing as it registered steeper-than-expected losses. It reported a 2Q09 net loss of RM8.7mil versus a net loss of RM17.1mil in 2Q08 (which was restated from a net profit of RM6.7mil).
The main deviation in the results was weak margins, which more than offset higher-than-expected revenue. Revenue for 2Q09 declined by 30.5% year-on-year (y-o-y) due to lower demand from the US.
