It is reported that Chalco, the listed arm of China’s top aluminum producer Chinalco, announced on Tuesday that its net profit in the third quarter had tumbled 87.7 percent from the same period last year mainly due to the drop of its sales prices.

Chalco said that its net profit came to 21.3 million yuan in the July to September period, compared to 173 million yuan earned in the same period of the previous year.

Dragged on by faltering market demand, aluminum prices in China nearly declined 20 percent year on year in the third quarter to 15,200 yuan/ton.

The company’s revenue in the third quarter also slipped 10.7 percent from 19.1 billion yuan from the period one year earlier to 17.1 billion yuan.