<WIRE> Fletcher Building (ASX:FBU) Sees Worst Day in Over 3 Years Due to FY Profit Slump

Shares of Fletcher Building (ASX:FBU) slumped as much as 10.2% to NZ$5.250, experiencing their most significant decline since March 23, 2020, should the current losses hold.

This drop marks the third consecutive day of losses for the company.

Fletcher Building, a construction materials manufacturer, posted a net profit after taxes of NZ$235 million ($139.87 million) for the fiscal year ending on June 30.

This figure represents a significant fall from NZ$432 million reported a year prior.

The company also announced its FY revenue to be NZ$8.47 billion, down from NZ$8.5 billion the previous year.

Additionally, they declared a fully imputed final dividend of 16 cents per share.

The company’s shares hit a record low since June 2.

Fletcher Building’s ASX-listed shares (ASX:FBU) emerged as the benchmark’s top loser, poised for the worst day since March 23 if losses hold.

The company’s New Zealand stock has risen by 16.3% this year, as of the previous close.

Fletcher Building (ASX:FBU) is a New Zealand-based company that specializes in the manufacture and distribution of building materials.

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