February 13, 2018 / 7:58 PM / a month ago

NZ's Fletcher flags bigger loss for buildings business; chairman to resign

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

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