Fletcher Building has reported a net loss of NZ$190 million for the year to June 30.
This compares to an earnings of $94m in the same period last year.
No final dividend payment was made to shareholders for the 2018 result.
Revenue for the year was $9.4 billion, up 1% year-on-year.
This was driven by a “solid sales performance across core businesses in New Zealand and Australia, offset by a reduction in construction revenues”, a company statement says.
Fletcher Building chief executive Ross Taylor says the results meet the earnings guidance announced to the market in February.
“We have seen volume and revenue growth across a number of our New Zealand and Australian businesses, but these gains have been more than offset by increased costs and our need to invest ahead of plan to meet higher than anticipated market demand.
“With a new strategy in place we have started the new financial year with clear priorities and an operating model that will support us to deliver against them.
“Our focus in FY19 will be on growing our core businesses, continuing to stabilise our construction division, and completing the divestment of non-core businesses Formica and Roof Tile Group.
“In both New Zealand and Australia we expect activity in the residential sectors to decline slightly, while activity in the non-residential, commercial and infrastructure sectors is likely to increase.
“In Australia this will be most pronounced on the Eastern Seaboard, which is expected to benefit from large state and federal funded projects in rail, road, and pipelines,” Taylor.
