Shares of Chinese copper producer Jiangxi Copper Co. plummeted over 8% on Tuesday after the company reported a 14% year-over-year drop in net profit for the third quarter amid slipping revenue.
Jiangxi Copper said its net profit attributable to shareholders fell to 1.37 billion yuan ($194 million) or 0.40 yuan per share in Q3, down from 1.6 billion yuan a year ago. Revenue declined 6.6% to 123.3 billion yuan over the same period.
The company's Hong Kong-listed shares slid nearly 8% following the earnings release, while its Shanghai-listed stock fell more than 3%.
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