At that point, the torque is made at lower RPM, but the turbos hit the limit of the amount of air they can push, thus, higher end torque (and therefore HP) is lower.
Remember, HP is essentially a measure of high RPM torque, when you push the turbos too hard, they can't maintain pressure at high RPM (can't push enough air), thus lowering high end torque (though you are normal until then), which makes the HP number lower.