Guangzhou Shipyard International (GSI) saw its earnings slashed in the first half as market conditions for shipbuilding remain difficult.

The Hong Kong-listed shipbuilder reported first half net profit of RMB55.33m ($9.04m), a drop of 37.1% compared to RMB87.99m in the same period of last year. GSI attributed the decline in profit to decrease in ships prices and business volume.

Revenue at the shipyard also plunged 49.1% year-on-year to RMB1.75bn.

From January to June this year, GSI undertook contracts to construct 14 vessel products with 1.13m dwt and orders on hand for 46 vessels with 2.77m dwt.