Fletcher Building narrows 1H net loss to NZD11m, revenue miss
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The news: Fletcher Building reported a half-year net loss of NZD11 million ($9.3 million), citing margin pressures and subdued market conditions across New Zealand and Australia.
The numbers: The building manufacturing company's half-year net loss narrowed from a net loss of NZD134 million a year prior.
Revenue came in at NZD2.8 billion, missing analysts' estimates of NZD3.5 billion, while earnings before interest and tax (EBIT) was NZD138 million.
Net cash from operating activities was NZD156 million, up from NZD87 million the prior corresponding period.
The company did not declare a dividend.
The context: Fletcher CEO Andrew Reding said the profit decline was driven by lower volumes in New Zealand's residential and civil markets alongside competitive pressures.
He said market conditions are expected to remain challenging in the near term, with a more meaningful recovery not anticipated until 2027.
The source: ASX
