Tough times for one of New Zealand's largest listed construction companies.

Fletcher Building's annual net profit fell 46 percent to $235 million, according to a statement released to the NZX today.

CEO Ross Taylor says the extra costs incurred by the troubled international convention centre in Auckland are causing the company some grief.

"We're committed to getting the convention centre delivered and open, it'll be a world-class facility. But it's fair to say it's causing us some grief on the way through."

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