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NZ's Fletcher Building sees NZ$160 mln loss from buildings unit, names new CEO
October 24, 2017 / 8:20 PM / 2 months ago

NZ's Fletcher Building sees NZ$160 mln loss from buildings unit, names new CEO

Oct 25 (Reuters) - Fletcher Building Ltd, New Zealand’s biggest construction company, said on Wednesday its 2018 financial year earnings would be hit by a NZ$160 million ($110.38 million) loss before interest and tax at its building business.

The company, which attributed the losses to mistakes made at legacy building projects, also said it appointed Ross Taylor as its new chief executive.

The builder said that when the struggling Buildings and Interiors projects are stripped out of forecasts, it expected full-year core earnings for the group to be in the range of NZ$680 million to NZ$720 million. ($1 = 1.4495 New Zealand dollars) (Reporting by Christina Martin in Bengaluru; Additional reporting by Devika Syamnath; Editing by Larry King)

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