⁍ New Zealand’s Fletcher Building on Tuesday forecast its first annual net loss in two years.
⁍ The country’s largest construction firm expects a net loss of NZ$196 million ($129 million)
It warned of persistent challenges across its supply chains in the year ahead due to disruptions caused by the coronavirus pandemic.
– New Zealand’s largest construction firm is expecting to report its first annual net loss in two years thanks to the H1N1 virus. Fletcher Building expects to report a $129 million net loss for the year ending June 30 due to the spread of the virus, which has affected industrial activity and delayed projects, Reuters reports. The company says about half its provisions for the year are due to reduced productivity on key projects.
Source: https://www.reuters.com/article/fletcher-bldg-outlook/update-1-nzs-fletcher-building-warns-of-129-mln-loss-for-2020-supply-chain-challenges-idUSL4N2FC3JG