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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