The Hong Kong and Shanghai-listed shipbuilder booked netearnings of CNY 10.3m ($1.7m) in the three months to 30 September compared to a loss ofCNY 41m in the same period a year ago.

At the same time revenue was cut in half to CNY 716.3m fromCNY 1.4bn due to a fall in ship orders.

For the year to date net profit rose to CNY 65.7m