Fletcher hot property as payouts exceed $1b
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
Taranaki Daily News