Shares in Fletcher Building Limited (ASX:FBU) tumbled more than 11 per cent this morning after the building and construction products provider issued a profit warning.
The New Zealand based company has blamed ongoing challenging trading conditions for an expected 10 per cent fall in its first half net earnings and a steady result for the full 2012 financial year.
In Australia, Fletcher has attributed a significant downturn in construction for the anticipated earnings decline.
Shares in Fletcher Building had tumbled 11.15 per cent this morning and were trading at $5.50.
In the 2011 financial year Fletcher Building posted a $225 million net profit.
