17 Nov 2010

Business better than last year for Fletcher Building

10:59 am on 17 November 2010

Fletcher Building says its business is performing better than last year, and it expects to boost its profit in 2011.

New Zealand's largest listed company told shareholders at its annual meeting in Auckland on Wednesday that it remains cautiously optimistic about the year ahead.

Chairman Ralph Waters said the first four months of the 2011 financial year had been pleasing, with group performance in line with budget and ahead of the same period last year.

Mr Waters said that assuming activity continues as expected, the company expects net profit to be within analysts' estimated range of $311 - $405 million.

This compares with net profit of $301 million in the 2011 financial year.

Shares in Fletcher Building have fallen nine cents to $7.85.