Radio Symptom and Cure Database
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Low modulation and barely any audio. Audio can be heard in PA mode but is hardly audible.
Check T1. Replace if necessary...
I have had 2 that had a bad C48 cap and had distorted and low audio and the others had low modulation with next to no audio unless you turned volume almost all the way up. T1 was burnt along with D8. I find this mostly when D8 has been jumpered.