Shares of Huaneng Power International, a leading Chinese electric power company, plummeted by 5.10% on Tuesday, closing at HK$4.87 in Hong Kong trading. The sharp decline came after the company reported a 53% year-over-year drop in its third-quarter attributable profit to 2.96 billion yuan ($414 million).

According to the company's filing with the Hong Kong stock exchange, Huaneng Power's operating revenue for the quarter grew by a mere 0.46% year-over-year to 65.6 billion yuan ($9.2 billion). The substantial decline in profit, despite a marginal increase in revenue, was a significant disappointment for investors.

Analysts attributed the steep drop in Huaneng Power's share price to the company's weak profitability, which fell short of market expectations. The disappointing earnings results raised concerns about the company's ability to navigate the challenges in the power generation industry and maintain sustainable growth.