Cavalier Corporation's outgoing chief executive says he tried his best and is disappointed to be stepping down from his role at a low point.
Wayne Chung is retiring from his position to be replaced by his chief financial officer Colin McKenzie from 15 March.
The company's share price fell last week after it issued a warning that its profit results would not reach expectations.
The final results were published just before the market closed on Friday - three days earlier than expected.
The company made an after-tax profit of $3.5 million in the six months ending December, down from $8.5 million a year ago.
Mr Chung said soft market conditions on both sides of the Tasman, coupled with an unprecedented rise in wool prices are to blame for Cavalier's poor result.
''The trading conditions at the moment are probably one of the worst encountered by the company for some time," he said.
"Anyone associated with the housing business is finding it pretty tough."
Mr Chung, who has been with Cavalier for 9 years, will remain on the board.