A grim warning from New Zealand's largest construction company.

Fletcher Building is reporting a group net-loss-after-tax of $227 million dollars, following a $235 million profit last year.

Its residential building arm has been doing well, but it's had losses from its civil business Higgins and Australian plumbing company, Tradelink.

Milford Asset Management's Sam Trethewey unpacks a tough financial year for the construction sector. 

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