Metro Performance Glass (ASX:MPP) and Lovisa (ASX:LOV) experienced contrasting fates from the latest round of COVID-19 restrictions.

Profit results from both companies this morning showed the divergent results companies faced from the disruption caused by hard lockdowns.

Metro Performance Glass profit was shattered

For Metro Performance Glass, it copped a 76% hit to its earnings and a 94% hit to its profit for the first half of FY22 even though there was no change to its revenue.

The company was hit by COVID-19 lockdowns on both sides of the Tasman as well as the global supply chain imbalances.

Unlike 2020’s lockdowns, the government’s wage subsidies were lower and therefore not enough to offset the financial impact, it said this morning.

However, the company tipped a bounce-back to occur in the second half of FY22.

“As the New Zealand and Australian governments continue to rollout their vaccination programmes and the reopening of the economy, we expect this will provide certainty and a supportive environment for the construction sector,” said CEO Simon Mander.

“As the disruptions dissipate, we are confident that activity levels in both New Zealand and Australia will return to previous levels for at least the remainder of the financial year.

“We also expect to run a shorter Christmas shutdown than last year as the sector looks to recoup lost time in August and September.”

Metro Performance Glass (ASX:MPP) share price chart


Lovisa reports increased sales – in stores able to trade

Shareholders of Lovisa meanwhile received better news this morning.

For the first weeks of FY22, the company’s global comparable store sales were up 25.2% on FY21 and total sales were up 46.1%.

Admittedly, this measure was based on stores open and able to trade.

But Lovisa has opened 31 new outlets since the end of FY21 and all stores forced to shut – in Victoria, NSW, Malaysia and New Zealand – were now re-opened with the exemption of stores in Austria.

It also took its geographical coverage to 21 countries having opened two stores in Cyprus recently.

“Despite the disruptions we continue to face globally we are pleased with the way the business has performed, and remain focused on continuing to drive the store rollout,” the company said.

Lovisa (ASX:LOV) share price chart