Below expectation. FY12/09 net loss of RM115.5m came in larger than our projected net loss of RM105m. We believe the variance against our forecast came largely from:
1. Lower-than-expected selling prices; and
2. Higher-than-expected depreciation expenses.
Perwaja Holdings Berhad :Expecting Margin Boost in 1HFY12/10 - 01/03/2010
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