- Metro Performance Glass (MPP) feels the impact from New Zealand and Australia COVID-19 lockdowns
- Three of Metroglass’s four NZ glass processing plants were closed from August 17 to September 8, while its Auckland plant is opening tomorrow
- The Auckland plant is the largest in the group and was closed for more than a month in a traditionally busy and profitable part of the year
- The impact for this period has been much greater than that of the April 2020 lockdown, with earnings before interest and tax at around $10 million below last year
- Metroglass closed the trading day flat at 45 cents per share
Metro Performance Glass (MPP) has felt the impact from New Zealand and Australia COVID-19 lockdowns.
Three of Metroglass’s four NZ glass processing plants were closed from August 17 to September 8.
Its Auckland plant is recommencing operations tomorrow, Wednesday 22, as the city moves into level three of restrictions from midnight on Tuesday.
Notably, the Auckland plant is the largest in the group and was closed for more than a month in a traditionally busy and profitable part of the year.
The NZ lockdowns have caused disruption, uncertainty and product shortages across the domestic construction supply chain, which are expected to impact the industry for several months.
Over in Australia, the three processing plants are currently operating and the business is achieving solid sales performance, however varying state-by-state COVID-19 shutdowns and restrictions are impacting the supply chain, labour availability and profitability.
The financial impact for this period has been significantly greater than the April 2020 lockdown, with the earnings before interest and tax to be around $10 million below last year.
Metroglass’s net debt has been reduced significantly in recent years and is expected to end the first half at a similar level to the same period last year.
Metroglass closed the trading day flat at 45 cents per share.