Rijeka shipyard 3 Maj has logged a big drop in earnings for 2016 despite rising revenue.

The Croatian shipbuilder said pre-tax profit was HRK 32.6m ($4.65m), 77% less than in 2015.

The Uljanik-owned yard posted revenue of HRK 1.04bn last year, nearly 9% up from 12 months previously, the Hina news agency reported.

Operating expenses increased by 18% to HRK 847.2m, while staff costs rose 17.6%,