The company said early last year that it had struck a deal with its banks not to pay dividends in 2021, in return for a relaxation of its debt covenants.
In today's statement, Metro said it expects to achieve group earnings before interest and tax in the range of $16.5m to $18.0m in the year, down from a restated $21.8m in 2020.
Metro expected net debt to come to about $49m, down $18m from a year earlier.
Chief executive Simon Mander said the company had been resilient in the face of Covid-19 but that recent cases and increased restrictions in Auckland and in Victoria illustrated the ongoing threat that the pandemic posed.
While commercial construction activity had seen some softness, residential activity in New Zealand and Australia had remained robust, supported by significant Government stimulus, record low interest rates and increased confidence in the sector, all of which was continuing to generate a strong pipeline of activity.
Following the April 2020 shutdown period, the New Zealand business recovered quickly and achieved good volumes across the Retrofit, commercial glazing, and merchant and retail segments.
Global shipping disruptions were impacting New Zealand supply chains including the importation of glass and related building products but since November, Metro had increased its stock levels.
"We continue to closely manage our costs, though have faced increased costs in the second half of the financial year relating to shipping and glass pricing and inventory," Mander said in a statement.
Metro's Australian Glass Group (AGG) had achieved a significant turnaround in financial performance.
In its last result for the six months to September, Metro's EBIT fell by 26 per cent to $12.8m, primarily driven by the five-week-long level 4 shutdown.
Metro is a glass supplier and manufacturer, producing double glazing and all other glass products.
The company's shares last traded at 42.5c, down 2c.
