The world's largest listed metal recycler New York, US-based Sims Metal has announced its financial results for the first nine months and third quarter (ended March 31) of the financial year 2009-2010, reporting that the company is encouraged by the third quarter results and has built momentum heading into the close of the fiscal year.
Sims' earnings before interest, taxes, depreciation and amortization (EBITDA) of $214 million in the first nine months of FY 2009-10 were down 23 percent from the corresponding period of the previous financial year. When the same periods are compared, the company's sales revenues fell 31 percent to $5 billion. Sims posted a net profit of $70.4 million in the first nine months of FY 2009-10. Scrap intake and shipments were 9.7 million mt and 9.2 million mt respectively in the same period.
Sims' sales revenues, EBITDA and net profit were $1.6 billion, $78 million and $30.4 million respectively in the first three months of 2009. Scrap intake and shipments were 3.1 million mt and 2.6 million mt respectively in the same period.
Commenting on the results, Sims CEO Daniel W. Dienst stated, "The cost efficiencies achieved over the past 18 months have positioned Sims Metal Management to take advantage of our competitive position and will provide tremendous operating leverage as and when scrap intakes normalize."