9 Feb 2009

Company results season begins

7:04 am on 9 February 2009

New Zealand's largest listed companies start reporting their results this week, but the outlook is bleak.

Profits everywhere are being hurt by the financial crisis.

Last week, Qantas revealed its half year profit was down by two thirds.

Then Macquarie Bank announced it expects its full year profit to halve.

On Thursday, Fletcher Building will be among the first to issue its half year result. Others are Steel & Tube, and Tenon, also on Thursday.

Telecom's half year result and a full year result for Property for Industry are due on Friday.

Fletcher says the trading environment is going to be tougher and its full year profit may fall by nearly 40%.

BT Funds Management chief investment officer Paul Richardson says the outlook is bleak but New Zealand companies are faring better than their counterparts overseas.