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, issuedin 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.
Operating earnings - earnings before interest and tax - were $403m, 18 per cent lower than the $492m achieved in the prior year.
The restructuring and impairment charges included $38m in costs incurred in restructuring the Laminex business, $20m of closure costs for the Formica plant in Bilbao, Spain, and a $74m reduction in the carrying value of the insulation business in Australia.
Fletcher Building said a final dividend of 17c per share, bringing the total for the year to 34c.
