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Fletcher Building downgrades profit forecast, shares plummet 15 percent

Author
Newstalk ZB,
Publish Date
Wed, 15 May 2024, 9:13pm
 (Photo \ Natalie Slade)
(Photo \ Natalie Slade)

Fletcher Building downgrades profit forecast, shares plummet 15 percent

Author
Newstalk ZB,
Publish Date
Wed, 15 May 2024, 9:13pm

Poor trading conditions, intense price competition and lower building product sales have prompted Fletcher Building to downgrade its profit forecast.

The forecast has been downgraded $640 million to $540 million - move that caused stock to sink 15 percent.

Milford Asset Management's Mark Riggall explains what's causing Fletcher Building's economic woes.

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