Guangzhou Shipyard International, the Hong Kong-quoted shipbuilder, has reported a 45% fall in income.

Its third quarter profit was down at CNY 145m ($22.8m) compared with CNY 409m for the same period in 2010.

So far this year, the company has posted a profit of CNY 409m compared with CNY 605m in the first three quarters of last year.

It blames increased construction costs and currency appreciation.

During the first three quarters of this year, the company completed and delivered 15 vessels, launched 17 and started work on a further 18.

Its current orderbook stands at 43 vessels totalling 1.8m dwt.