Mark Lister: Fletcher Building has 'deteriorated suddenly'

Author
Newstalk ZB Staff ,
Section
Audio,
Publish Date
Monday, 20 March 2017, 5:22PM
The country's largest construction company is facing tough questions about why its earnings are falling well below forecasts. (Dean Purcell)

The country's largest construction company is facing tough questions about why its earnings are falling well below forecasts.

LISTEN ABOVE: Larry Williams talks to Mark Lister from Craigs Investment Partners about Fletcher Building's sudden downfall. 

Shares in Fletcher Building fell 12 percent this morning, and its earnings could end up 150 million less than forecast - following losses from a major construction contract.

READ MORE: Fletcher could take massive multi-million dollar hit

Analysts and investors are concerned industry rumours about losses were circulating before they were disclosed by the company today.

Mark Lister from Craigs Investment Partners told Larry Williams the company's position has deteriorated suddenly.

"From an investors perspective and from a PR perspective, obviously it doesn't look great that they had to come out with a shocker of a downgrade."

ON AIR: Early Edition

5AM - 5:59AM