Corporate results: AirAsia X, Tune Protect, Daibochi and KNM

AirAsia X’s net loss widens to RM229.8m in 3Q
AirAsia X Bhd’s net loss for the third quarter ended Sept 30, 2019 (3Q19), widened to RM229.89 million from RM197.46 million posted a year ago due to the higher taxation during the period. Revenue for the quarter fell 6.38% year-on-year (YoY) to RM1.01 billion. In an exchange filing yesterday, the low cost long haul carrier stated its net operating loss narrowed in the quarter to RM69.5 million from RM205.2 million a year ago due to the airport incentives and competitive fuel prices. An impairment of RM138.2 million had been provided in the period, it said. The carrier is expecting a reasonably healthier performance in its last quarter for the financial year 2019 amid challenges in the aviation industry. Management continues to work on reducing costs, including investment in digitalisation as part of AirAsia Group wide initiatives for the long run. On its fleet planning, the carrier said AirAsia X Thailand is expecting to receive two Airbus A330neo via operating lease in December while AirAsia X Malaysia maintains its 24-strong plane fleet and focuses on maximising the utilisation rate.

Tune Protect appoints Aireen Omar to board
Tune Protect Group Bhd has appointed Aireen Omar as non-independent non executive director. In an exchange filing yesterday, Tune Protect sstted Aireen’s appointment was effective today. Aireen is currently AirAsia group president at RedBeat Ventures where she is responsible for AirAsia’s digital strategy, promoting innovation throughout the group and encouraging collaboration across AirAsia’s businesses and markets. Aireen oversees large, strategic group-wide initiatives to help transform AirAsia into a global, cloud-driven product and platform company, ensuring synergies between the airline and AirAsia’s digital and fintech businesses such as BigPay, ROKKI and AirAsia BIG Loyalty.

Daibochi appoints new MD
Daibochi Bhd has appointed Chang Chee Siong as its new MD replacing Lim Soo Koon who is retiring. In an exchange filing yesterday, Daibochi said Lim will not be seeking reelection at the group’s upcoming annual general meeting on Dec 13. Daibochi stated Chang will also be appointed as a member of the risk management committee. Chang, 47, joined the company in 1994, and was appointed as marketing and sales head of department in 2006. He was subsequently appointed as the group’s marketing and sales general manager in 2014.

KNM bags RM21m contract from Dutch firm
KNM Group Bhd has secured a contract worth US$5.18 million (RM21.51 million) from PSS Netherlands B.V. Sharjah Branch for the supply of shell and tube heat exchangers lot-2 for a clean fuels project at a major oil refinery in Sriracha, Thailand operated by Thai Oil Pcl. KNM, in an exchange filing yesterday, stated the supply and delivery of this order will last till Oct 10, 2020. PSS Netherlands BV Sharjah Branch is a consortium comprising Saipem S.p.A, Samsung Engineering Co Ltd and Petrofac Ltd.