New Zealand's Fletcher Building's half-year loss widens (updated)

Fletcher Building

18/02/2025 20:35

(Adds more details in paragraphs 2-5)
       Feb 19 (Reuters) - New Zealand's Fletcher Building
 FBU.NZ  reported a wider half-year loss on Wednesday, weighed
down by lower demand, increased competition and higher
inflation.
        "The first half of the 2025 financial year continued to
be a challenging period for our businesses as very difficult
trading conditions continued across all our segments," CEO
Andrew Reding said in a statement.
  
        Fletcher said market volumes continued to decline in the
first half of the year, particularly in businesses more heavily
exposed to the residential sector.
  
        The company's revenue from continuing operations fell 7%
to NZ$3.58 billion ($2.04 billion) during the period.
  
    Volumes in its New Zealand materials and distribution
divisions fell between 5% and 10% for the half year, compared
with a year earlier.
        The Auckland-based construction materials maker said its
net loss after tax for the six months ended December 31, was
NZ$134 million, compared with a loss of NZ$120 million a year
earlier.


    ($1 = 1.7544 New Zealand dollars)

 (Reporting by Nichiket Sunil and Kumar Tanishk in Bengaluru;
Editing by Mohammed Safi Shamsi)
 ((Nichiket.Sunil@thomsonreuters.com;
Tanishk.Kumar@thomsonreuters.com
X: @thatstanishk))