It is committed to completing the Auckland International Convention Centre, although that alone is expected to result in a loss for Fletcher of more than $400million. In outlining the estimated $660million Building + Interiors (B+I) shock loss expected for full year 2018 yesterday, Fletcher chief executive Ross Taylor said a decision had been made to refocus B+I work solely on project completion. ''While the B+I market sector remains characterised by high contract risk and low margins, we will no longer participate. ''The infrastructure sector benefits from more appropriate margins, better contract conditions, and alliance models that reduce risk,'' he said. ''While our broader construction businesses continue to benefit from favourable market conditions and strong growth, the B+I market sector remains characterised by high contract risk and low margins.''
Source: Otago Daily Times February 14, 2018 16:07 UTC