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Higher costs, project delays dent Fletcher Building's annual profits

Auckland firm says net profit was NZ$94m, down from NZ$462m previously

New Zealand’s building boom is slowing down and costly delays at major projects have forced Fletcher to twice slash its annual operating earnings forecasts.


FLETCHER Building Ltd, New Zealand's biggest construction firm, posted a far larger-than-expected 80 per cent drop in full-year profits after project delays and spiralling costs.

The Auckland-headquartered firm said on Wednesday that its net...