Covid crunch: Fletcher Building drops annual result bombshell, flags $196m loss – New Zealand Herald

Fletcher Building will make a $196 million loss due to the effect the pandemic has taken on the business, a reversal of fortunes after last year’s $164m profit.
Chief executive Ross Taylor this morning updated the market ahead of next Wednesday’s full-year result to June 30, 2020.
He cited three factors which would reduce operating earings by $150m:Half the losses are due to reduced productivities from key legacy projects “significantly disrupted” by Covid-19;20 per cent due to issues from “…

Click here to view the original article.