I agree. I think the board need to urgently cease any future major construction projects and concentrate on building houses and look to flick off that division ASAP.
Back to the days of major construction projects given to overseas firms - with a minor jv role for local companies?
yes quite clear that this was a distinct possibilty, but still shocked that it actually has occurred kinda like a cliche
Isnt this the third time now that they've cleaned out the woodwork? but its just riddled with worm...
Soon there will be a lot of people looking for a bargain with this one.
Don't.
54 people on over $500000 per annum. Time for staff to share the pain
All I see is gross incompetence right across the board. What a joke with so many people on over $500,000 !
It'll take years to dig themselves out of the doggy doo with all their fixed price contracts still to be completed.
That division is like having wood rot in your home...the more you investigate, the deeper you dig, the more problems you find. Whoever thinks that all their problems will finally disclosed to the market in that division by Monday morning is kidding themselves. Nobody knows how deep the rot goes in that division. I suspect the left hand hasn't got the slightest clue what the right hand is doing inside that company.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
All I see is gross incompetence right across the board. What a joke with so many people on over $500,000 !
It'll take years to dig themselves out of the doggy doo with all their fixed price contracts still to be completed.
That division is like having wood rot in your home...the more you investigate, the deeper you dig, the more problems you find. Whoever thinks that all their problems will finally disclosed to the market in that division by Monday morning is kidding themselves. Nobody knows how deep the rot goes in that division. I suspect the left hand hasn't got the slightest clue what the right hand is doing inside that company.
quality of management is the key...it appears they are sadly lacking...
Wtf ... just when you thought the worst was over ...
FBU is the only stock i've ever regretted buying ... and I was stupid enough to re-buy twice because I thought there was no way a company like FBU could do poorly in the booming NZ economy ... grr
Wtf ... just when you thought the worst was over ...
FBU is the only stock i've ever regretted buying ... and I was stupid enough to re-buy twice because I thought there was no way a company like FBU could do poorly in the booming NZ economy ... grr
quality of management is the key...it appears they are sadly lacking...
Exactly...and who is to blame for that, the board for not keeping proper checks and balances on the previous CEO.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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