File photo. Fletcher Building reported a net half-year profit of $92m compared to $171m for the same period a year ago. Photo: RNZ / Angus Dreaver
Fletcher Building has reported a big drop in half-year profit and has repeated a warning that its full year result would be hit by the recent upper North Island floods.
Key numbers for the six months ended December compared with a year ago:
- Net profit $92m vs $171m
- Revenue $4.28b vs $4.06b
- Underlying earnings $203m vs $214m
- Forecast full year pre-tax earnings $800m to $855m
- Interim dividend 18 cents a share
[Ll] Significant costs $154m vs $43m
The company's interim bottom line was hit by significant costs ($150 million) relating to Auckland's International Convention Centre, which is being rebuilt after a major fire.
As the company warned the market two days ago, Fletcher repeated that January and February trading was affected by the severe weather in the North Island, despite strong underlying performance.
"We are confident that our strategy positions us well to continue to drive performance and deliver growth, against the backdrop of a dynamic operating environment," chief executive Ross Taylor said.