Fletcher Building has reported a 27% decline in earnings before interest and tax (EBIT) for the first half of the 2024 financial year.
EBIT dropped to $264 million, compared to $360m in the same period last year.
The company's revenue also saw a slight decrease of 1%, amounting to $4.25 billion.
Fletcher Building chief executive, Ross Taylor, attributed the weaker financial performance to "materially weaker trading conditions", particularly in the New Zealand residential sector where volumes declined by 20%.
The company reported a net loss after tax of $120m, which included $180m in flagged legacy provisions and a $122m non-cash write-down on Tradelink.
Fletcher Building said its underlying trading cash flows remained robust due to good working capital management, despite the impact of legacy cash.
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