New Zealand's biggest and top ranked construction company, Fletcher Building is treading very cautiously. Despite the fact that market conditions have improved and more growth is expected, the company is expecting to report 2010 earnings which would be around the lower range of the analysts' estimate, which has pegged the firm's complete year earnings to fall between $261 Million and $340 Million.

Revealed by Chairman Roderick Deane at Fletcher's Annual Meeting, the prediction is based on the assumption that there would be no further setbacks to the markets and the company would continue to perform as it is performing currently. For an improved performance, it is important that NZ's own economy, as well as economies of all markets Fletcher trades in, stabilizes and exhibits growth.

"It should be noted that some of the countries in which we operate continue to exhibit severe vulnerabilities including unusually large fiscal deficits, high unemployment, and in some cases huge balance of payments current account deficits", shared Deane.

For the coming times, the company plans to remain cautious as economies continue to be vulnerable. "We remain cautious with respect to trading conditions for the balance of 2010", Deane said.