Metroglass writes $86.5m off NZ goodwill, shares fall 12.8%

Fri, 19 Jun 2020

Metro Performance Glass has written $86.5 million of goodwill relating to its New Zealand operations because of increased competition, the impact of covid-19 and because it expects lower construction activity for the next 12 to 24 months. The write-down, and a further $4.6 million in Australian restructuring costs, dragged its bottom line down to a $77.9 million net loss for the year ended March compared with a $5 million net profit the previous year, which had included a $9.6 million write-down of Australian goodwill. However, the compan...

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