(Yicai Global) Oct. 29 -- Shares in Guangzhou Baiyun International Airport fell by the daily maximum allowed after the operator of the southern Chinese air hub posted a 37.6 percent drop in profit for the first three quarters from a year ago.

The stock price [SHA:600004] fell 10 percent today to end at CNY18.90 (USD2.70), paring the company's market value to CNY43.6 billion (USD6.17 billion).

Net profit was CNY572 million (USD81 million) in the nine months ended September, the firm said in an earnings report yesterday. While operating income rose 0.51 percent to CNY5.8 billion, operating expenses climbed to CNY5.1 billion from CNY4.6 billion a year earlier due to the opening of Terminal 2 in May last year.

Editor: Ben Armour