FIRST CUT: Fletcher 1H profit rises 2%

Tue, 21 Feb 2017

By Jonathan Underhill Feb. 22 (BusinessDesk) - Fletcher Building posted a 2 percent gain in first-half profit, missing some estimates, after taking a charge against a construction project and costs to close sites. Net profit was $176 million in the six months ended Dec. 31, from $172 million a year earlier, the Auckland-based company said in a statement. Sales rose 4 percent to $4.61 billion. Excluding one-time items, profit rose to $187 million from $159 million and both sales and normalised profit were below the forecasts from brokerage...

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