Shares in Fletcher Building dropped by 3.1 per cent after the company announced that its net profit, before restructuring and impairment charges, fell by 12 per cent to $317 million in the year to June.
The result was near the bottom end of its own earnings guidance, issued in February, which was for a profit of between $310m and $340m.
By 10.50 am, Fletcher Building shares were down 21c at $6.45.
The company said its net earnings - including restructuring and impairment charges - came to $185m for the June year compared with $283m in the previous year.
Restructuring and impairment charges totalled $132m, after tax.