New Zealand's largest listed company, Fletcher Building, reported a 13 percent drop in interim net profit on Wednesday amid flat residential construction in New Zealand and Australia.
Fletcher said business had been affected by continuing aftershocks after last year's 6.3-magnitude earthquake in Christchurch, which had delayed reconstruction of New Zealand's second largest city.
The company said net profit for the six months to December was NZ$144 ($120 million), down NZ$22 million from the same period a year earlier.
It also predicted full-year profit would fall as much as 14 percent on the previous year, saying New Zealand housing approvals were at a 46-year low and there had been a "pronounced decline" in Australian residential construction.
"All of our businesses exposed to the residential markets in both countries have experienced lower volumes and reduced earnings," chief executive Jonathan Ling said, describing the result as "creditable" in tough conditions.
Fletcher has a large exposure to the Australian market after it acquired Sydney-based building supplies company Crane Group last year.
The company's shares were down 2.86 percent at NZ$6.45 in late trade on the benchmark NZX 50, which was down 0.6 percent overall.
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