Although AirAsia X Bhd recorded a profit in the second quarter compared to a loss a year ago, its shares slipped lower today (Tuesday).
What exactly happened?
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.
Quarterly revenue jumped 379% following a surge in international travel as borders reopened.
Not only that, but this is the company's fourth consecutive quarterly net profit.
Meanwhile, revenue increased to RM512.91 million for the quarter from RM107.18 million a year ago as more aircraft were returned to service.
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.
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.
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.
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.
