Housing downturn has 'some distance to run', builder warns
Nick Toscano |
20 November 2018
One of the nation’s biggest building products companies, Fletcher Building, has blamed a “sharp contraction” in the Australian property market over the past three months as it slashed its profit outlook and sparked a share-price plunge.
With the company warning the worrying trend may have “some distance to run yet”, Fletcher Building’s Australian-listed shares were pummeled on Tuesday morning after the company downgraded its profit outlook by 10 per cent, partly on the back of what it described as the “emerging challenging Australian trading conditions”.
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