Shares in Transpacific Industries fell sharply on Monday after it issued a profit downgrade of up to 25% and the chief executive quit.
The trans-Tasman waste management company said it now expects to make a lower-than expected profit of between $A46 - $A53 million, including one-off costs of $A14 million.
Conditions remain weak in Australia but have improved in New Zealand.
The company said it will repay $A100 million of debt and plans to make total cost savings of A15 million this year.
Analysts say the 10% fall in Transpacific's share price was mainly due to the unexpected resignation of chief executive Kevin Campbell.
