Fletcher Building to post $196 million loss due to Covid-19 impacts

Fletcher Building is expecting to post a net loss of $196 million for the year ending June 30.

The construction giant says the loss is largely down to the impacts of Covid-19.

It suffered significant revenue loss during New Zealand's lockdown, and then restart period.

The results will be released in full next week, the company said. 

"Prior to March, the business was trading in line with expectations and making good progress with operating efficiencies," chief executive Ross Taylor said.

"As Covid-19 crossed New Zealand and Australian borders, we moved quickly to protect our people and ensure we are well positioned to successfully navigate the market uncertainty in FY21 and beyond."

The company has made around 1500 people redundant.