Fletcher Building has reported a full year loss due to restructuring costs and asset writedowns.
The construction and building products company lost $46 million in the year to the end of June - a turnaround from a profit of $467 million the previous year.
Excluding one-off charges, underlying profit fell 32% to $314 million as the global recession took its toll on Fletcher Building's operations, particularly those exposed to the housing markets.
The recession has also seen Fletcher Building cuts its dividend to 14 cents per share as it strengthens its balance sheet.
Fletcher Building says it will not give any forecast of earnings this financial year, due to uncertainty about market conditions.