Metro Performance Glass, which has more than half of New Zealand's glass processing market, reported profit ahead of its prospectus forecast, but lower than expected revenue.

Profit was $9.6 million in the 8 months ended March 31, ahead of $9.4 million projected in its July 2014 prospectus. Sales came in 2.4 per cent below the forecast at $115 million. Metro Performance Glass acquired Metroglass Holdings in May last year before it listed on the NZX in July.

The board declared a maiden dividend of 3.6c a share payable on August 4, with a record date of July 20, in line with forecast. Building consents are at record highs, driven by a shortage of supply for houses in Auckland and Christchurch.

"Sales have been slightly weaker than expected at the time of the IPO as we believe residential housing consents are now taking longer to convert into sales, reflecting industry capacity constraints," chief executive Nigel Rigby said.


Metro Glass also said departing chief financial officer David Carr will be replaced by John Fraser-Mackenzie, previously a finance director at Goodman Fielder (NZ).

Metro Glass shares fell 2.2 per cent to $1.80, still above the $1.70 offer price in July last year, when it raised $244.2 million.