Fletcher Building, the biggest company on the NZX 50 Index, said first-half profit will fall 10 per cent.

Fletcher Building says its first-half earnings are likely to be about 10 per cent down on the $166 million earned in the same period last year.

Normalising profits to bury the bottom line shouldn't be the norm.

Fletcher Building posted a 19 per cent gain in full-year profit, before one-time items, as the contribution from newly acquired Crane Group more than made up for a drop in sales of building products.

The actual physical rebuild of Christchurch won't be complex but will remain frustratingly on hold until the aftershocks come to an end, says Fletcher Building CEO Jonathan Ling.

Glass maker Metro GlassTech is the latest heavily indebted overseas private equity owned business to get into strife with its bankers, says one report.

Fletcher Building has big plans for Chinese arm of the laminates giant.