Fletcher Building shares soar on higher half year profit

By 10.40am today the share price had surged 46c to $7.25, almost double the $3.69 it was fetching this time a year ago. Fletcher Building today reported a 45 per cent rise in net profit for the half year ended December, up to $161 million, from $111 million for the same time the previous year.

Earnings before interest and tax were up 33 per cent from the year earlier to $288 million.

The earnings exceeded analyst expectations, who according to a Dow Jones poll had tipped a net profit of $140 million and ebit of $258 million.

Fletcher Building also upped its full year profit forecast, saying it now expected to post earnings in the range of $525-545 million before interest and tax. This was up from its last forecast in November that full year earnings would be between $475-$500 million.

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