Fletcher trims dividend to preserve cash, earnings meet guidance

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...