NZ's Fletcher Building forecasts a loss for 2020 By Reuters

Fed to skip hike in June, hop into long pause before jump to cuts: Morgan Stanley

NZ's Fletcher Building forecasts a loss for 2020

Published Aug 11, 2020 06:53

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NZ's Fletcher Building forecasts a loss for 2020

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Aug 11 (Reuters) - New Zealand's Fletcher Building FBU.NZ on Tuesday warned of an annual net loss compared to a profit in the previous year, as the coronavirus pandemic led to additional provisions on its projects and one-off restructuring costs.

The country's largest construction firm expects a net earnings loss of NZ$196 million ($129.18 million) for the year ended 30 June, compared to a profit of NZ$164 million earned last year. ($1 = 1.5172 New Zealand dollars)

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