⁍ New Zealand’s Fletcher Building on Tuesday warned of an annual net loss compared to a profit in the previous year.
⁍ The country’s largest construction firm expects a net earnings loss of NZ$196 million ($129.18 million)
The coronavirus pandemic led to additional provisions on its projects and one-off restructuring costs.
– New Zealand’s Fletcher Building expects to report a $129 million net loss for the year ending June 30 after writing down the value of some projects and taking other charges related to the H1N1 virus, Reuters reports. The construction company says the net loss is due to provisions for projects affected by the virus, as well as restructuring costs.
Source: https://www.reuters.com/article/fletcher-bldg-outlook/nzs-fletcher-building-forecasts-a-loss-for-2020-idUSL4N2FC3IN