The world's largest listed metal recycler New York, US-based Sims Metal has announced its preliminary financial results for the first half ended December 31, 2010 of the financial year 2010-11.
Sims' earnings before interest, taxes, depreciation and amortization (EBITDA) of AU$148.9 million (US$149.3 million) in the half were up nine percent from the corresponding period of the previous financial year. When the same periods are compared, Sims' sales revenues increased 17 percent to AU$3.9 billion (US$3.9 billion). Sims posted a net profit of AU$49.3 million (US$49.5 million) in the fiscal half in question, up 24 percent on the corresponding period of the previous year.
Scrap intake and shipments in the three months ended December 31, 2010 were 3.2 million mt and 3.6 million mt, respectively.
Group chief executive officer Daniel W. Dienst stated, "Performance in the second fiscal quarter remained attractive in Australasia and for Sims Recycling Solutions. Our UK Metals business also performed well during the second quarter despite sequentially lower intake and shipments. North America Metals continued to encounter margin pressures during our second quarter and for the half year."