Despite seeing no signs of economic recovery, Fletcher Building has posted an increased profit.
The largest listed company in New Zealand made $283 million in the year to June, an increase of 4% compared with the year before.
When adjusted for one-off items, including costs associated with February earthquake in Christchurch, Fletcher Building's profit rose 16% to $359 million.
Increased earnings at FBU's laminates and panels and infrastructure divisions, offset falls in building products, steel and distribution.
It's also the first result to include the recently aquired Crane Group, which contributed $623 million in revenue.
One-off items, including costs associated with the Christchurch earthquakes, took $76 million off the bottom line.
Chief executive Jonathan Ling says market conditions have been tougher than expected, with no recovery evident in New Zealand and Australia slowing in recent months.
He says it is disappointing the company has had to write-off $34 million worth of insulation stock, after the Australian government ended a federal subsidy scheme last year.
Looking ahead, Mr Ling says the company sees good opportunities to further invest in new businesses in Australia and New Zealand.