Asia & Pacific

NZ Building Giant Fletcher Announces $419 Million Loss

The past year has been one of the most difficult in its history, the company said when announcing the figures to the Stock Exchange.
NZ Building Giant Fletcher Announces $419 Million Loss
Thick smoke blows from a construction site at the SkyCity convention centre in Auckland, New Zealand, on Oct. 22, 2019. Greg Bowker/AFP via Getty Images
Rex Widerstrom
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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.

Rex Widerstrom
Rex Widerstrom
Author
Rex Widerstrom is a New Zealand-based reporter with over 40 years of experience in media, including radio and print. He is currently a presenter for Hutt Radio.