Dawn - Distribution & Warehousing Network - has admitted that knock-on effects of the global economic downturn as well as delays in civil and municipal infrastructure projects and in industrial and mining capital projects have affected results. But it says its balanced exposure to the building and infrastructure sectors will continue to underpin sustainable profit growth. Earnings for the six months to December 2008 were about 10% better than in the previous comparable period. That's not bad given the exposure the company has to hardware, sanitaryware, plumbing, mining, kitchen, engineering and civil products. CEO Derek Tod says the economic downturn has knocked Dawn twice - along with customers' reluctance to buy on credit, retailers are also stocking fewer goods. In April he said the worst was behind them because the interest rate cycle had turned and there would be more certainty for municipalities - key customers - once the election was over.