The recently filed annual report of the parent company of Metro Glasstech, formerly Metropolitan Glass, reports an AUD 31.1 million annual loss for the year to March 2009, up from a loss of AUD 6.9 mi…
The recently filed annual report of the parent company of Metro Glasstech, formerly Metropolitan Glass, reports an AUD 31.1 million annual loss for the year to March 2009, up from a loss of AUD 6.9 million the year before, and involves the lay-off of about 100 staff, but expects benefits from a better housing market. The firm was hit by lower revenue, which decreased AUD 8.5 million to AUD 156.9 million, as well as an AUD 17.8 million accounting loss on interest rate exchanges and an AUD 4.8 million increase in finance costs to AUD 45.8 million. Metro Glasstech manufactures flat glass products for the residential and commercial building markets, and was bought by Australia“s Catalyst Investment Managers for AUD 366.2 million in 2006 from Andrew Smith, John Bedogni and Cameron Gregory, who had founded the business in 1987.