A group of 30 people are outside the Fletcher Building annual meeting in Auckland, protesting for Māori land rights at Ihumātao.

Chanting "save our land, take a stand" and "Māori rights are under attack, fight back" the group opposes a Fletcher housing plan at Mangere.

Read more: The tragedy of Ihumātao

Save Our Unique Landscape (Soul) protesters held signs which said "protect Ihumātao" and shouted out against Fletcher's 480-home scheme for Mangere.

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Pamphlets were handed to many of the just under 400 shareholders who have just now begun their meeting.

Pania Newton of Soul has vowed to speak at the Eden Park AGM because she holds Fletcher shares, giving her rights.

Protestors chanted
Protestors chanted "Māori rights are under attack, fight back". Photo/Anne Gibson.

She says she will issue a challenge to the company to engage with Soul to reach a solution.
"I want to ask if they are open to entering into a dialogue," she said just after 10am.

"Fletcher's has shown a willingness by appointing an independent facilitator," Newton said.

Fletcher shares hit new low

The protest coincides with Fletcher shares hitting a new low today.

Fletcher Building shares fell 7 per cent after the company said it expects first-half operating profit before "significant items" and losses on high-rise projects will come in about 10 per cent lower than a year earlier.

Read more: Fletcher downgrades earnings forecast by 10 per cent

Fletcher said earnings before interest and tax will be $630-680 million for the year through June and the reduction is mainly due to "challenging" Australian trading conditions and the timing of house sales in New Zealand.

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The company's forecast represents a 5 per cent downgrade to the mid-point of analysts' consensus forecasts.

Fletcher shares fell 41 cents, or 7.4 per cent, to $5.14 in early trading.

- Additional reporting from BusinessDesk.