Horizon Construction Development's (HKG:9930) attributable profit for the first three quarters fell by over 70% year over year, a Tuesday Hong Kong bourse filing said.

The builder's revenue for the nine months declined more than 10% from the year-ago period.

The drop in profit was mainly due to lower rental prices for aerial work platforms amid an oversupply, the firm's adjustment to its asset portfolio, and scaling down of its domestic business.