Ann: ICQ grows quarterly cash collections 45% year-on-year-ICQ.AX, page-3

This looks like an ok result to me. The quarter on quarter results are not impressive but you are right in saying that Q2 has been consistently the weakest. The trend is actually consistent with the previous two years where cash collections dropped in Q2 then saw an improvement in the subsequent quarters. I think this is just due to seasonal influences, and from memory I think all the markets they're in, Thailand, Malaysia and Indonesia have their financial year aligned with the calendar year which largely explains this trend.