Fletcher hot property as payouts exceed $1b

Last updated 07:35 29/01/2013

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Fletcher Building's share price has rebounded in the last six months as the company gains traction on Christchurch earthquake repair work.

Subsidiary Fletcher EQR has paid out more than $1 billion to contractors, with $72 million worth of repair work paid for in December alone.

Fletcher chief communications manager Barry Akers said for most of the year, the company was putting between $60m and $70m a month into the Canterbury economy in payments to contractors to fix houses.

By the end of 2012 the running payout total had reached $995.8m. In the first week of this month that figure crossed the $1b mark.

Fletcher EQR, which works for the Earthquake Commission, is part of NZX- giant Fletcher Building, which has seen its share price trend up since the middle of 2012. Yesterday the shares closed 1c higher at $9.21. Fairfax NZ

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- Taranaki Daily News

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