Fletcher Building's $134m loss; portfolio review before investor day
Lower volumes in materials and distribution were a key driver for Fletcher Building's lower earnings. (Image: Fletcher Building)
Fletcher Building has posted a $134 million loss despite a revival in its construction division. The dual-listed building materials giant said on Wednesday earnings for the six months to Dec 31 had fallen by $96m to $167m, driven by lower market volumes for materials and distribution. Revenue for the half fell 7% to $3.58 billion. Fletcher’s loss widened by $14m on the prior comparable period while net debt fell to $1.1b compared to $1.8b. Fletcher raised $700m in new capital, with $680m applied to bank debt. The compa...
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