Fletcher Building’s residential division is significantly underperforming, continuing a trend of decreasing housing settlements. The company reported a 38.6% drop in profitable settlements compared to the same quarter last year, and a substantial 75.5% decrease from the previous quarter. This indicates ongoing challenges within the residential housing market for Fletcher Building. The company anticipates minimal earnings from this division in the near future. The market update, released Wednesday morning, highlights the weak performance as a key concern for the overall business. These figures underscore the impact of current market conditions on the New Zealand building sector. The downturn signals potential financial headwinds for Fletcher Building as it navigates the challenging housing landscape.