For the year to June, Fletcher Buildings (FBU) external revenues were 51% from New Zealand, 35% from Australia and 14% from ''rest of world'' operations.
After tax profit fell 20% from $339million to $270million, following one-off costs of $150million, from goodwill impairment from reduced earnings expectations from the Forman, Tasman Insulation and Hume businesses, of $78million, site closures, $65million and $7million costs from the disposal of the long steel business.
Separately yesterday, FBU announced its conditional sale of its Australian company Rocla Quarry Products to Hanson Construction Materials Pty for $A203million ($NZ225.8million), which when concluded in January should reap FBU a pre-tax profit of about $A100 million.
FBU's total dividend for the year is 37c. Its shares gained 1.5% to $7.70 following the announcement.
FBU's chief executive Mark Adamson said New Zealand's construction market was strong across the residential, commercial and infrastructure sectors, and with strong volume growth in most of our businesses.
''Operating earnings before significant items for our New Zealand businesses were up 24% compared with the prior year,'' he said.
However, conditions in Australia were much more mixed, with residential construction buoyant but weak conditions in the mining, resources and infrastructure sectors, he said.
Craigs Investment partners broker Peter McIntyre said New Zealand business has driven the result with revenue up 10%.
''FBU saw increasing construction activity and benefited from strong demand for housing, particularly in Auckland,'' he said.
He said while the market had priced in the Australian weakness and that the Christchurch rebuild was more than 50% through, there was more than $1billion of work in many central government contracts.
Forsyth Barr broker Andrew Rooney said the result was ''in line with expectations'' and consistent with its earlier guidance, with underlying earnings before interest and tax (ebit) up 5% to $653million.
''As expected Australian earnings, with ebit of $119million, was down 30%, hitting their lowest level in 10-years.
''But we're more than compensated by strong growth in New Zealand, with ebit of $449million up 24%, helped by strong volume growth across core product categories,'' he said.
Mr Rooney said FBU's outlook commentary suggests a continuation of the industry backdrop from 2015 into 2016, with management still positive on New Zealand but cautious on Australia.
New Zealand residential consent growth was expected to moderate, commercial construction to continue to grow, and infrastructure to remain at current levels.
Australian residential work is expected to slow, commercial to remain subdued, infrastructure to be constrained, and mining and resources to trend down further.
Mr Adamson said the strong cash flow performance during the year meant FBU had continued to maintain ''a sound financial position'', while accommodating higher capital expenditure levels and increased investment in Fletcher Living, its residential development business.
