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%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments