One of New Zealand’s largest listed companies, Fletcher Building, has announced a $419 million (US$244 million) loss for the full 2024/25 financial year, calling it one of the most difficult the company has ever faced. The figure compares to a loss of $227 million in the previous year.
The company has been forced to write down over $700 million, with $644 million relating to continuing operations, which analysts say is a clear indication that it is going to sell its residential and development business.
It recently put its troubled construction business—responsible for about 20 percent of its revenue—up for sale. However, the division has also been responsible for some of the company’s biggest problems, including the painstakingly slow building of the New Zealand International Convention Centre in Auckland, which caught fire and caused years-long delays….
NZ Building Giant Fletcher Announces $419 Million Loss
