Russian shipbuilder Krasnoye Sormovo has posted another drop in earnings despite revenue rising.

The company said it made RUB 273.3m ($3.06m) on a net basis to 30 September, against RUB 533.2m in the same period of 2016.

Revenue increased to RUB 5.7bn from RUB 5.57bn year-on-year.

In January, the yard clinched two new contracts to build five tankers and five bulkers.