China's Guangzhou Shipyard International (GSI) has posted lower earnings in the year ended 31 December 2013 due largely to a drop in shipbuilding orders.

The shipyard recorded a net profit of RMB16.6m ($2.7m) in the financial year 2013, down 60% over the previous reporting year.

Revenue also fell by more than 30% year-on-year to RMB4.16bn with the shipyard delivering 11 ships, half the number that was handed over in 2012.

GSI also pointed out that profit margins have dropped due to declining values of vessels. The yard, however, is expecting a more profitable year in 2014 with 28 ships due to be delivered.