Frances Sweetman: Milford Asset Management Portfolio Manager on Fletcher Building downgrading sales expectations

Fletcher Building have downgraded their profit forecast, citing a slowing market and extreme weather.

The building and construction company lowered their forecasted operating profit to $800 million, down from February's $855 million.

Milford Asset Management Portfolio Manager Frances Sweetman says this figure looks like a material downgrade, but it's not as negative as it suggests.

"Management has been hoping that sales volumes would pick up, and that didn't eventuate. But they've also been managing to maintain prices because they're quite focused on profitability."

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