WILLING TON: 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.
