UPDATE: Fletcher shares drop after first-half results show weak construction earnings

Tue, 21 Feb 2017

(Recasts to add share price drop, investor comment, divisional details) By Jonathan Underhill Feb. 22 (BusinessDesk) - Fletcher Building shares fell after the company posted a 2 percent gain in first-half profit that included unexpectedly weak earnings from its construction division, especially given its $2.7 billion backlog of work. Gross revenue from construction jumped 54 percent to $1.15 billion in the six months ended Dec. 31, making it Fletcher's second-largest business after distribution, but operating earnings fell 33 percent t...

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