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MetroGlass posts gain in first-half profit in line with guidance

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Metro Performance Glass posted a 2.6 percent gain in first-half profit, in line with its guidance last month, and gave a forecast for a little changed full-year result.

Profit was $11.8 million in the six months ended Sept. 30, from $11.5 million a year earlier, the Auckland-based company said in a statement. Sales jumped 22 percent to $141.7 million, helped by a full six-month contribution from Australian Glass Group, acquired last year for A$43.1 million.

MetroGlass has about 55 percent of New Zealand's glass market but says competition and weaker-than-expected construction activity meant the company was "entering a period of more moderate growth". As a result, last month it announced a strategic review assisted by First NZ Capital, which is expected to be completed........

© The National Business Review