Fletcher forecasts 312% operating profit rise, sector faces recruitment pressures
19 Feb, 2021 04:25 AM
4 minutes to read
Fletcher Building has bounced back, forecasting it will make $610 million to $660m operating profit for the full year, up on the previous year s pandemic-hit $160m. Last year, the business reported a net earnings loss so this year s anticipated result is a huge turnaround for New Zealand s largest building materials manufacturer, supplier and builder.
But the latest forecast rise is not as spectacular if one looks back to 2019, when it made $549m operating profit.
Still, the company exceeded even its own forecast top-end range this week. It had said that in the half-year to December 31, 2020, it would make $305m to $320m but it came in $3m above that at $323m and surprised the market by declaring it would reinstate dividends and pay shareholders 12cps next month.