New Zealand's largest listed company Fletcher Building has posted an interim 10.4% net earnings drop for the first half of the financial year to $154 million.Operating earnings before unusual items were $271 million compared with $322 million in the previ
New Zealand’s largest listed company Fletcher Building has posted an interim 10.4% net earnings drop for the first half of the financial year to $154 million.
Operating earnings before unusual items were $271 million compared with $322 million in the previous corresponding period.
Cashflow from operations was up 52% to $317 million, compared with $208 million in the first six months of the 2009 financial year.
Total sales for Fletcher Building were down 10% to $3.393 billion pegging on subdued trading conditions in most markets.
The company’s steel division experienced a sharp 25% decline in sales due to lower volumes and prices.
Sales in the laminates and panels division were down 10% due to reduced demand and also currency translation effects from the stronger New Zealand dollar.
Concrete sales in both New Zealand and Australia were down 13% as result of weak demand, particularly locally.
An interim dividend of 14c a share was announced and was in line with guidance provided at the annual shareholders meeting in November.
Fletcher Building's opening share price this morning was $7.64 (NZX:FBU)
