Fletcher’s $228m profit exposes $60m taxpayer stitch-up

Fletcher Building has posted a $228 million net profit, just one month after the Government handed its Golden Bay Cement subsidiary a $60 million taxpayer bailout.

Taxpayers’ Union spokesperson Levi Gibbs said:

“Taxpayers were told this handout was needed to keep Golden Bay Cement afloat. A month later, its corporate parent is announcing hundreds of millions in profit. Nicola Willis has some explaining to do.”

“We called for the deal's agreement to be released last month. Fletcher’s results now raise serious doubts about what due diligence was done and why Ministers thought taxpayers needed to stump up.”

“Fletcher’s lobbyists have delivered a masterclass in offloading their poor business practices onto the public. Fletcher gets the deal, taxpayers get the bill. Release the agreement and show us this wasn’t the corporate stitch-up it looks like.”