Shares of Chongqing Iron & Steel dropped sharply on Friday after the Chinese steelmaker reported a significantly wider loss for the third quarter of 2024 amid falling revenue.
In its latest earnings release, Chongqing Iron & Steel said its attributable loss for the July-September quarter ballooned to 660.5 million yuan ($93 million), compared to a loss of 157.6 million yuan in the same period a year ago. Revenue from operations plunged 39% year-over-year to 5.51 billion yuan.
The dismal results weighed on investor sentiment, sending Chongqing Iron's shares down around 3% in Hong Kong trading and 2% in Shanghai.
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