Fletcher Building hit by Aussie slowdown

A drop off in Australian residential construction has hit New Zealand-based Fletcher Building. (AAP)

Fletcher Building says its Australian company faces lower than expected earnings amid a slump in the pace of residential construction.

A drop off in Australian residential construction has caused New Zealand-based Fletcher Building to warn of lower than expected annual earnings.

The dual-listed firm noted in a presentation on Wednesday that there had been a "sharp decline in the (Australian) residential market, plus higher input costs, leading to price and margin pressure".

New Zealand's largest builder said its Australian business, which accounts for about a third of the company's revenue, would benefit from an anticipated return to growth in the residential building sector in the 2021 financial year.

Source AAP

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