Horizon Construction Development (HKG:9930) saw an 87% decline in attributable profit for the six months ended June 30 to 35.5 million yuan from 268.2 million yuan in the year-ago period, a Thursday filing with the Hong Kong bourse said.

Earnings per share stood at 0.011 yuan in the interim period, down from 0.084 yuan in the corresponding period of the last fiscal year.

Revenue for the builder fell 11% to 4.35 billion yuan in the half year from 4.87 billion yuan a year prior.

The lower revenue was due to a decline in equipment rental rates in the domestic market, the reduction of the domestic materials business, and a temporary impact of the shipment of domestic equipment to overseas business locations on the utilization rate.