BURSA Malaysia has publicly reprimanded Axis Corp Bhd and imposed a total fine of RM647,200 on its seven directors for the late submission of its financial accounts and a 525 per cent deviation between its audited profits and unaudited profits.
The company had reported an unaudited net profit of RM16.1 million for the financial year ended March 31 2008.
Later, it reported a net loss of RM68.4 million for the same period in its audited accounts.
The regulator said Axis has failed to take into account an understatement of costs of sales charged in relation to the company's contract manufacturers; and additional allowance for doubtful debts in respect of the amounts due from the contract manufacturers.