Tag: FBU

Struggling NZ-based Fletcher Building is asking shareholders to inject $NZ750 million into the company, which will in effect partially recapitalise a business that has been hurt hard by huge losses on some weak building contracts.

Troubled NZ-based building products and construction group, Fletcher Building revealed an operating earnings loss of $322 million for the six months ended 31 December 2017 in the wake of the huge losses on a total of 16 building contracts across NZ.

Not even former bankers are exempt from overseeing a mess, especially when it is a debacle that has created close to $NZ1 billion in losses in less than a year! Take Sir Ralph Norris, a former CEO of the Commonwealth Bank. He retired from the CBA (to make way for another Kiwi in Ian Narev) in 2011 and took up various board roles, one of which saw him made chair of Fletcher Building – one of the biggest building products and construction groups in Australasia.

Is the financial health of troubled Kiwi building products and construction company Fletcher Building worse than understood by the market?

Standby for more bad news from Fletcher Building as losses from at least two dodgy projects blow past previous estimates.

The losses from its troubled B+I division continue for Fletcher Building.

A big annual meeting in Auckland this morning (starts around 8.30am Eastern Australian Summer Time) for Fletcher Building with no only the much anticipated earnings guidance for 2017-18 expected, but an explanation for the sharp slide in profit in the year to June and why the CEO Mark Adamson had to go and the name of his replacement expected.

As expected, Kiwi construction giant, Fletcher Building has reported a big plunge in net profit for the year to June, thanks to a large loss in its troubled construction arm and the writing down of two of its big Australian assets, Tradelink and Iplex.

Fletcher Building (FBU) shares took a hammering yesterday after the company owned up to a massive, 20% to 25% cut in its expected 2016-17 profit, and the explanation left investors wondering about the competence of the management.

Fletcher Building this morning owned up to a massive, 20% to 25% cut in its expected 2016-17 profit.

Bad news from Fletcher Building (FBU), Australasia’s biggest building and construction company, with a profit write down and loss from a key business due to be revealed this morning before trading starts on the ASX and NZX.

A big thumbs down from Australian investors to the half year result from Fletcher Building (FBU), Australasia’s biggest construction group.

Trans-Tasman building and construction giant, Fletcher Building (FBU), has reported a 71% increase in statutory after tax profit, to $NZ462 million, meeting earnings guidance and giving shareholders a little bit more of a reward.

Shares in Fletcher Building (FBU) rose nearly 4% yesterday on the news of a major expansion move and corporate revamp.

Shares in Trans-Tasman giant Fletcher Building (FBU) hardly moved yesterday, despite the company telling shareholders at the AGM in New Zealand they can expect a solid rise in profits for the year to June 2015.

Despite a weak result, Fletcher Building (FBU), New Zealand’s biggest listed company, has joined the dividend boosting club with a small rise in its interim payment to shareholders.

Fletcher Building (FBU) seems to have found a new chairman to replace Ralph Waters who steps down later this year.

Fletcher Building’s (FBU) AGM was told yesterday that the strong New Zealand dollar is proving a significant headwind, but it expects increased construction activity across the country to boost its 2014 operating earnings.

Shares in Fletcher Building fell more than 12% yesterday after it sprang a surprise profit downgrade on the market.

Even the blackest of clouds has a silver lining for somebody.

It was an acquisition made for the right strategic reasons, but Fletcher Building’s recently acquired US Formica USA subsidiary will cut $60 million from full-year profit.

Investors took a set against Fletcher Building Ltd yesterday in the wake of the New Zealand building products and services giant's 2007 results release and comments on the outlook.

Two days after its chief executive was in Australia talking about how it was interested in big acquisitions, but not necessarily in Australia because of thin margins, NZ’s biggest construction company, Fletcher Building, has given itself world scale by buying US-based Formica Corporation for almost $NZ1 billion.