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

Auckland

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 profit in the year to June 30 was NZ$94 million (S$93 million), down from NZ$462 million in the prior 12-month period.