Shares in Fletcher were trading at NZX close yesterday around $6.90 but were at $7 two days ago. Around this time last year, they were $8/share.

In June, Norris announced Bruce Hassall as his successor and four new directors: Barbara Chapman, Robert McDonald, Doug McKay and Cathy Quinn.

Ross Taylor, chief executive, announced a restructuring of the business a few weeks ago in Sydney.

"First we will focus on our core businesses and defend our positions," he said citing a new investment in a $262 million Winston Wallboards Auckland plant, probably at Drury as well as a $15m new panelisation plant to be developed in Auckland and take annual residential construction to above 1000 places.

"Second, we've got to get construction fixed and position and grow that particularly in infrastructure" he said referring to finishing large jobs like the NZICC and Commercial Bay," Taylor said.

Third, "we need to get Australia performing well," he said citing low 4 per cent margins compared to 10 to 11 per cent NZ margins.

Fourth, Fletcher is selling Formica and the Roof Tile Group and that meant a focus solely on Australia and NZ, Taylor said on June 21.

Precinct Properties' latest result announced a six-month delay on its $1b Commercial Bay project. Fletcher Construction is building the PwC Tower there and the new 120-shop mall at the foot on Queen St on Auckland's waterfront. Giant clothing chain H&M will open its first Auckland CBD shop there at the end of this month.

However, Precinct told the NZX on August 16 of a "revised completion programme" for the project in an update presented in its six-month result where net profit after tax rose 57 per cent from $162.1m last year to $254.9m for the June 30, 2018 half-year.

"In our February result, we talked about retail opening at the end of Q1 2019 so it's moved out by six months," Precinct chief executive Scott Pritchard told the Herald.

The new 18,000sq m 120-shop retail would now not open until September next year, Precinct said last Thursday.

That latest delay was the second revealed by Precinct. Last year, the company said in its annual result presentation out in August 2017 that instead of opening all its Commercial Bay shopping centre in late 2018, it now had a new programme and most of the retail wouldn't open until the first quarter of 2019.

That missed the crucial Christmas 2018 deadline.