Shares of Dazhong Public Utilities plummeted by over 10% on Friday, November 1st, after the company reported a disappointing set of financial results for the third quarter of 2024.

According to the earnings report, Dazhong Public Utilities recorded a net profit attributable to shareholders of 48.2 million yuan for the quarter ended September 30th. While this figure represents a profit, it was overshadowed by a 15.2% year-over-year decline in quarterly revenue, which fell to 1.08 billion yuan.

The significant drop in revenue, coupled with the company's earnings performance, appears to have fallen short of market expectations, leading investors to heavily sell off the stock. As a result, Dazhong Public Utilities' shares tumbled by around 10% in both the Hong Kong and Shanghai stock exchanges on Friday afternoon.