New Zealand steel maker and building products firm Steel and Tube Limited reported a 24% drop in first half profit because of a weak construction sector.

The company said net profit for the six months to December 31st 2011 was NZD 6.4 million as compared with last year's NZD 8.4 million. It was line with guidance given in November 2011 for a net profit of between NZD 6 million to NZD 7 million.

It declared a dividend of 5.5 cents a share down on last year's 6 cents. It said the outlook was being weighed by global uncertainty.

It said in a statement that "Overall we expect that the results for the second half of the year will be similar to or a little better than for the first six months."

(Sourced from www.reuters.com)