Picnic Corp has appointed Police Lt-Colonel Pongthep Lapvisutisin as acting managing director after Prasit Phetkhat resigned from the position.

Prasit also resigned as a director and executive director. However, he still holds positions as a director in four subsidiary companies - World Gas (Thailand), Pride Logistics, Picnic International and Picnic Ethanol.

Prasit became Picnic's managing director on June 1 in succession to Nattachai Aramrasmeewanich.

The company also reported that Somchai Siriphanvaraporn had resigned as a director and executive director.

However, he remains managing director and a director of World Gas (Thailand) and a director of Pride Logistics.

Prasit said the company would not be affected by the change in managing director due to its good management system.

He said he would be in charge of managing Picnic's business in Vietnam, Cambodia, Laos and South China but his role would not overlap with Nattachai, who now takes responsibility for Singapore and Bangladesh.

A number of the company's directors and executives have resigned this year. On February 21, Nirund Fukarnjananont stood down as a director. On March 6, Watcharakitti Watcharotai resigned as chairman and a director, and on May 15, Wirach Puntumapol resigned as a director.

Picnic Corp's third-quarter net loss fell from Bt1.42 billion in the same period last year to Bt252.1 million.

Picnic explained that the improved performance could be ascribed to a sharp decline in losses on asset write-offs and a decrease in setting aside provision of doubtful debts.

The cooking-gas manufacturer and distributor said its provision for doubtful debts declined by Bt293.06 million to Bt68.94 million in the third quarter.

Of the total provision, Bt6.21 million was accounts receivable in the LPG (liquid petroleum gas) business and the remainder was accounts receivable in the engineering business.

Its sale of petroleum oil between July and September fell by Bt2.65 billion from the corresponding period last year, due to the company transferring its position as a distributor of petroleum oil to its subsidiary.

Picnic's net loss for the first nine months dropped marginally from Bt1.32 billion in the same period last year to Bt1.23 billion.