An analyst says the tepid economic recovery means an expected boost in company earnings will be delayed for at least another year.
Forsyth Barr says the recovery has been muted compared to previous rebounds following recession, as households and firms curb spending and repay debt.
On a global basis, companies and financial markets have pared back expectations, as the pick-up in demand has not been as robust as first thought.
The financial year for many listed companies ended in June.
Forsyth Barr head of research Rob Mercer says it may be 2012 before there's a genuine pick up in sales.