Fletcher beats estimates with$326M FY profit as NZ revives, Australia stays flat

Tue, 20 Aug 2013

By Jonathan Underhill Aug. 21 (BusinessDesk) – Fletcher Building posted a bounce back in annual profit, led by growth in its New Zealand operations and an absence of the year-earlier charges in Australia, where trading is expected to remain weak. Net profit jumped to $326 million in the 12 months ended June 30, from $185 million a year earlier, when the Auckland-based company took $132 million of charges. Sales fell 4 percent to $8.8 billion. Profit beat First NZ Capital’s estimate of $304 million though New Zealand’s largest construction an...

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