Brisbane-based national construction giant Hutchinson Builders has suffered a big slump in profits amid nightmare conditions, but the company remains confident it will survive.
Glen NorrisFollow 2 min read October 25, 2023 - 8:14AM
The Australian Business Network
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The boss of Hutchinson Builders says conditions in the sector remain “terrible”, with the nation’s second-largest private building firm reporting a big slump in profit.
Brisbane-based Hutchinson’s net profit for the 2023 financial year fell almost 93 per cent to $1.34m, despite revenue increasing almost $500m to $3.12bn, documents lodged with the Australian Securities and Investments Commission show.
Hutchinson chairman Scott Hutchinson said builders would continue to face rising costs as well as difficulties hiring the required number of tradespeople to complete projects.
“It’s terrible out there,” Mr Hutchinson said.
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