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
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.
