LISTEN HERE AS CONSTRUCTION EXPERT JOHN TOOKEY SPEAKS TO MIKE HOSKING
UPDATE 10.30AM: Fletcher Building’s shares price dropped by 13.3 per cent after the stock came off a trading halt this morning and was a factor in taking the share market index down by nearly one per cent.
READ MORE: Fletcher’s struggles ‘not good for anybody’
By 10.05 am the stock was trading at $6.74, down $1.03 from its closing price last of $7.77 last Wednesday. The NZX-50 index was down 0.58 per cent at 8055 while the rest of the market was flat. Fletcher Buildings makes up 6.2 per cent of the index.
Further provisional losses of $486m have been announced from the Buildings and Interiors business, “leading to a total projected loss of $660m. Fletcher Building chairman announces he will step down no later than the 2018 annual shareholders meeting. No interim dividend payment for half-year 2018,” the company says.
“Following a review of projects in the Building + Interiors (B+I) business of the Construction Division, Fletcher Building today announced a further provision of $486m for project losses,” the company said.