Fletcher adds $150m in construction provisions, expects $196m annual loss

Tue, 11 Aug 2020

After years of insisting it had fully provided for its legacy construction losses, Fletcher Building is adding another $150 million to the near $1 billion pot. That and covid-19-related impacts are the major reasons behind the $196 million net loss the company expects to report next week for the year ended June. The company also confirmed it is cutting 1,500 jobs in what it calls "tough but necessary decisions to right-size our business." The loss, which still has to be signed off by the auditor and approved by Fletcher's board, includ...

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