Fletcher trims dividend to preserve cash, earnings meet guidance

Fletcher trims dividend to preserve cash, earnings meet guidance
Chief executive Ross Taylor will keep a close watch on costs. (Image: NZME)
Paul McBeth
Fletcher Building trimmed its final dividend more than expected as the country’s biggest listed construction company seeks to preserve cash in what it predicts will be a tighter market. The company lifted earnings before interest and tax – excluding one-off items – to $798 million in the 12 months ending June 30 from $756m, meeting recent guidance downgraded due to the slowing property market. Net profit sank to $235m from $432m a year earlier, due principally to the extra $255m provisioning on the problematic New Ze...

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