Metro Performance Glass reports decline in NZ business, increase in Aus sales

Company News

by Kathy Skantzos

Metro Performance Glass (ASX:MPP) has reported an increase in its Australian contribution which was offset by weaker construction activity in New Zealand, resulting in flat half year net profit.

The first half year to September saw net profit after tax rising 2 per cent to $11.8 million, broadly in line with the company’s results in the previous corresponding period, and group revenue up 22 per cent.

The window and glass company said that its Australian business performed well, with sales from Australian Glass Group growing 12 per cent.

Sales in its New Zealand commercial glazing business fell 6 per cent compared to the same period last year and revenue dropped 6.6 per cent.

The company’s New Zealand revenue rose marginally to $112.2 million while EBITDA fell by 10 per cent, impacted by competitive pricing pressures and inefficiency in factory labour.

Shares in Metro Performance Glass (ASX:MPP) last traded $0.81.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.