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Earthquake to lower Flecther Building earnings

Friday 4th March 2011

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Fletcher Building expects last week's Christchurch earthquake will cut its net earnings after tax for the year to June 2011 by between $14 million and $24 million, compared to its previous forecast.

The reduction included $5 million for support the company expected to provide to help with the recovery programme in Christchurch.

The company said that while activity levels in Christchurch were generally expected to rise as rebuild and reconstruction work got under way, there would be a short-term negative impact on earnings as assessment and planning phases were put in place.

The Christchurch economy had been seriously disrupted and general business conditions were expected to remain at very low levels for some time, Fletcher Building said today.

It had not quantified any potential impact on its financial results in future years as a result of the Christchurch earthquake.

 

NZPA



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