Fletcher shares tank on $180m writedown

Fletcher shares tank on $180m writedown
The International Convention Centre, Auckland's steel work is "98% done". (Image: BusinessDesk)
Brent Melville
Fletcher Building's stock slid 6.83% to $4.23 by early afternoon trade on Monday after disclosing an additional provision of $165 million in cost blowouts on the New Zealand International Convention Centre project. Frantic sell orders resulted in the stock dropping as low as $4.22 earlier in the day, down $283m on its NZ market capitalisation to $3.29 billion in a few hours.The largest single additional cost is due to steel remediation and, with 500 people on site daily, a cash-burn rate of about $750,000 a day. With steelwork now 98%...

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