Struggling Fletcher Building announces $190 million loss

Fletcher Building has made a net earning loss of $190 million according to an announcement this morning, this compares to a profit of $94 million in 2017. 

Fletcher Building. Source: Te Karere

The major construction company released their annual results for the 12 months ended June 30 2018 earlier today.

Chief executive Ross Taylor said this was in line with what they expected, "we have seen volume and revenue growth across a number of our New Zealand and Australian businesses, but these gains have been more than offset by increased costs and our need to invest ahead of plan to meet higher than anticipated market demand."

"Our focus in FY19 will be on growing our core businesses, continuing to stabilise our construction division, and completing the divestment of non-core businesses Formica and Roof Tile Group," he said.

Fletcher Building's chief financial officer Bevan McKenzie said the company was set to lose almost a $1 billion within a two-year period, during an announcement earlier this February.