The second half will need to be particularly strong to make up for it.
Net profit was $176 million in the six months ended December 31, from $172 million a year earlier.
Average working capital days increased across all sectors by 0.7 days in 2016.
December quarter shaping up to be worst for stocks since June 2010.
NZX50 hits three-week high.
The company also maintains its forecast for 2017 operating earnings.
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