AirAsia X Shares Suspended After 15% Plunge

<p>&nbsp;Although AirAsia X Bhd recorded a profit in the second quarter compared to a loss a year ago, its shares slipped lower today (Tuesday).</p><p><br /></p><p>What exactly happened?</p><p><br /></p><p>Most recently, the low-cost airline reported a net profit in the second quarter of 2023 of RM5.54 million compared to a huge net loss of RM652.2 million in the same period last year.</p><p><br /></p><p>Quarterly revenue jumped 379% following a surge in international travel as borders reopened.</p><p><br /></p><p>Not only that, but this is the company's fourth consecutive quarterly net profit.</p><p><br /></p><p><br /></p><p>Meanwhile, revenue increased to RM512.91 million for the quarter from RM107.18 million a year ago as more aircraft were returned to service.</p><p><br /></p><p>For the first half ending June 30, 2023, AirAsia X recorded a net profit of RM333.54 million on revenue of RM1.06 billion, four times the RM220 million recorded in the same period last year.</p><p><br /></p><p>Even so, this performance failed to excite investors, and Maybank Investment Bank Bhd even reduced its revenue forecast by 16-29% for AirAsia X which it saw as disappointing.</p><p><br /></p><p>AirAsia X slipped lower in early trading today at RM2.05 before paring losses to trade at RM2.28 with a market capitalization of RM1.02 billion.</p><p><br /></p><p>Meanwhile, 'proprietary day trading' (PDT) and 'intraday short selling' (IDSS) stocks are suspended today until August 30 following a price drop of more than 15 sen or 15% from the reference price.</p>