Fletcher Building's outgoing chair, Ralph Waters, says he expects the company's first-half operating earnings to be broadly flat - but second-half profits should be significantly ahead of last year's.
Mr Waters told the company's annual shareholders' meeting today that operating earnings before significant items this year will be between $650 and $690 million.
That is up from the $624 million reported for the year ended June.
Mr Waters said Australian first-half earnings will be down due to weak demand for coal-seam gas pipes and lower volumes in the steel roll-forming and concrete products division.
Activity in New Zealand is expected to be strong through the year.
