Accounting technicality hits Axia profit

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AXIA’S profit has suffered significantly after its board decided to change the accounting treatment of its subsidiary, Transerv, the company’s financials released last week show.
The listed specialty retail, distribution and logistics group’s financials for the six months ended December 31, 2016, which were restated for the purposes of showing the effect of the accounting changes, show the company’s profit after tax to have suffered a 15 percent downgrade from $7,84 million at initial reporting to $6,70 million at restatement.