Avoka unit sells post-auction – All 3 units apartments passed in at Ray White auction – Metro Glass profit slides again
A full year’s trading by its new Australian subsidiary lifted Metro Performance Glass Ltd’s revenue by 10% in the year to March, but ebit (earnings before interest & tax) fell 15% and net profit after tax fell 16%.
Metro Performance Glass Ltd said in a trading update on Friday the slowdown in the Canterbury residential market had arrived sooner than expected and the Kaikoura earthquake in November had cut Wellington activity short-term.
Metro Performance Glass Ltd has entered into a conditional agreement to acquire 100% of the shares in Australian Glass Group (Holdings) Pty Ltd, the third largest glass processor in Victoria & New South Wales.
Metro Performance Glass Ltd said yesterday it benefited from strong construction markets in its first full year as a listed company, earning $20.5 million net profit after tax from $188 million of revenue.
Metro Performance Glass Ltd opened its new $21.5 million Auckland manufacturing plant yesterday, designed to meet North Island housing & construction demand at internationally competitive prices.