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

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

More Property

Beachlands South development appeals settled
Property

Beachlands South development appeals settled

Appeals challenging the approval of a plan change for the Beachlands South development have been settled, paving the way for the multi-billion dollar project to proceed.“The success of negotiating a sensible outcome means that the development process can now move forward with the...

Staff reporters 11 Dec 2024
Winton 'stands to gain millions': MP
Property

Winton 'stands to gain millions': MP

The proposed fast-tracking of Sunfield is 'cronyism', local MP claims.

Maria Slade 11 Dec 2024
Olliver avoids bankruptcy – for now
Property

Olliver avoids bankruptcy – for now

A bid by BNZ to bankrupt the developer has been adjourned until February.

Maria Slade 10 Dec 2024
‘Unjust’: NZers battle Queensland tax laws
Property

‘Unjust’: NZers battle Queensland tax laws

State of origin battle develops over land taxes Queensland slaps on NZ buyers.

Garth Bray 10 Dec 2024