Fletcher Building Limited Trading Update

May 20, 2020 01:18 PM AEST
Team Kalkine

Fletcher Building Limited (ASX: FBU) notified the market about COVID-19 trading update and its impact on business. The snippet is as follows.

For April, FBU’s operating EBIT had a loss of c$55 million (unaudited and prior to significant items). During the Level 4 lockdown in New Zealand, the Company recorded no revenue for its operations. However, the revenues for Australia were around 90 per cent of pre COVID-19 expectations.
For the first four weeks, non-working employees received a minimum of 80 per cent of their base pay, which reduced to 50 per cent for the following four weeks.
To reduce the costs to the Company, FBU is planning to reduce nearly 1,000 and 50 positions in New Zealand and Australia, respectively.

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