NZ's Fletcher Building drops as CEO warns of rising market competition

Fletcher Building

23/10/2024 01:36

** Shares of New Zealand's Fletcher Building  FBU.NZ  fall
as much as 3.2% to A$3.03
    ** Stock set for weakest trading session since Oct 10
    ** Co's CEO Andrew Reding flagged that margin pressures and
intensifying local competition has hurt co's performance in Q1
    ** Co says market volumes in the quarter were 10%-15% lower
in material and distribution operations and was 12% lower in
September trading revenues
    ** Co flags margins for the quarter were also lower in
residential and development business due to decline in local
house prices
    ** Stock has fallen 32.4% YTD, as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com))