Building products company Steel and Tube has slumped to a large loss on the back of large asset writedowns and restructuring costs.
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It posted a net loss after tax of of $32 million for the year to June, a $52m drop from last year's profit.
The fall came from large writedowns of stock, the sale of of its plastics business, and the cost of a review of its operations and leadership, all of which cost it close to $54m.
However, the company was optimistic about the year ahead as benefits of its business turnaround programme were already showing with improved sales in the past three months.
"We are now beginning the journey to significantly improve operating and financial performance. The organisation has been restructured to improve capabilities and efficiency, and capture synergies from acquisitions," chief executive Mark Malpass said.
Steel and Tube moved to beef up its finances with a cash injection of $81m.
Its outlook for this financial year was positive because of ongoing demand for steel in manufacturing and the rural sector, and construction.
The price of steel was less positive as international production increased off the back of a weaker New Zealand dollar. However, most of the lift in production was in China who used it domestically.
The company said it would not pay a dividend as it looks to save cash.