26 May 2016

Metro Performance Glass post solid maiden profit

1:31 pm on 26 May 2016

The country's biggest glass manufacturer Metro Performance Glass has posted a maiden full-year profit in line with forecasts on the back of strong construction demand.

Metro Performance Glass - Highbrook Business Park

The company posted a net profit after tax of $20.5 million. Photo: SUPPLIED

The company, which listed on the sharemarket in July 2014, reported a net profit after tax of $20.5 million for the 12 months ended March, at the bottom end of its forecast made last year.

There was no previous year of comparable result, but its profit for the eight months from its listing was $9.6m.

The company has four glass making plants, including a new facility in Auckland which it said gave it capacity and flexibility to cope with rising demand in the upper North Island.

It makes commercial and industrial glass as well as products such as double glazing and showers.

"Commercial construction markets are lumpy, but we continue to see a significant pipeline of projects both consented and yet to gain consent, particularly in Auckland and Christchurch," said chief executive Nigel Rigby.

He said the company's order book has $27m worth of work, but it faced competition from cheap Asian imports of variable quality.

Mr Rigby said Metro Performance Glass was confident it would beat the profit this year, but declined to give a specific forecast.

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