Shares in New Zealand's largest construction company Fletcher Building fell 5 percent after it said it expects to lose another $160 million on two underperforming projects.
The company's Building and Interiors Unit is responsible for both the Sky City Convention Centre and Christchurch's Justice Precinct.
For the first time Fletcher Building has confirmed those two projects have been largely responsible for this $193 million in losses in 2017, as well as an estimated further $100 million in 2018.
All directors on the board will take a 20 percent cut in fees for the next 12 months.
Chairman Ralph Norris offered a personal apology to shareholders today.
"Mistakes have been made and responsibility ultimately rests with the board. As we stated at our full year results briefings, we fully accept this responsibility," he said.
Shareholders are meeting at the Auckland Museum where they have been greeted by two protest groups.
First Union picketers are unhappy with recent pay negotiations with the company, while another group was protesting the planned housing development at Ihumatao in Mangere, which they claim is sacred ground.