Patchy Aussie leaves NZ and cost control to drive Fletcher earnings

Thu, 20 Feb 2014

By Jonathan Underhill Feb. 20 (BusinessDesk) – Fletcher Building says the outlook in Australia is uncertain after a strong kiwi dollar exacerbated a drop in first-half earnings across the Tasman, leaving New Zealand and the company’s cost-cutting programme as key profit drivers. Shares of New Zealand’s largest construction and building products group fell 2.9 percent to $9.44, paring an earlier decline to as low as $9.39 after the company posted a 5 percent gain in net profit in the six months ended Dec. 31 to $154 million. That missed som...

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