OPERATIONAL REVIEW ⊲ Destini’s aviation and defence division recorded a rise in revenue of RM83.52 million in FY2022 from a revenue of RM81.34 million the year before. This division however slipped into a LATNCI of RM22.12 million from a PATNCI of RM5.52 million in FY2021. ⊲ The rise in revenue is attributable to the remaining delivery of six MD530G helicopters to the Royal Malaysian Army (“RMA”) that was moving towards the completion of the remaining contract obligations which were put to halt due to the pandemic since 2020. ⊲ Losses were due to additional operational costs that derived from the delivery of the helicopters. ⊲ Following the delivery of the helicopters, Destini plans on expanding its MRO services of military aircrafts to include the helicopters, thereby expanding its capabilities into servicing a wider range of aircrafts for the Armed Forces. ⊲ Destini’s commercial aviation business saw moderate growth as borders reopened and air traffic gained momentum. ⊲ Destini made the decision to dispose of a 45% equity stake in 50:50 joint venture company Destini Avia Technique Sdn Bhd (“DAT”) to Avia Technique Limited for RM2.98 million to realise its investment in the DAT. Executive Chairman and Management Discussion and Analysis AVIATION & DEFENCE PERFORMANCE 35 ANNUAL REPORT 2022 DESTINI BERHAD
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