Feb 14 (Reuters) - New Zealand’s Fletcher Building said on Wednesday that it expected its embattled building and interiors business to report a loss before interest and tax of about NZ$660 million ($480.22 million) in fiscal 2018.
The projected loss has resulted in a breach of Fletcher’s financial covenants given to its commercial banking syndicate and U.S. private placement noteholders, the company said in a statement.
The company also said that its chairman Ralph Norris would step down no later than it’s 2018 annual shareholders meeting.
$1 = 1.3744 New Zealand dollars Reporting by Ambar Warrick in Bengaluru. Editing by Jane Merriman