Fletcher Buildings, one of the New Zealand’s biggest companies, has confirmed a $46 million loss for the year. However, the company officials expressed that considering the global economic conditions, it is not a bad result.

The company which has already made 2,500 people redundant is fighting a huge downturn in the housing market.

According to the company, it is hard to predict as to when the economy will turn. This loss has been seen by Fletcher Building for the first time in eight years. 

The recession was mainly responsible for drowning the profits of the company, which also dealt with huge one-off costs like closing factories and cutting jobs.

However, analysts are crediting the company for moving quickly when the recession hit, in spite of the loss of the company. 

Though Fletcher Building still has plenty of cash in the bank, it is expecting another difficult year.