The world's largest listed metal recycler, New York, US-based Sims Metal, has announced its financial results for the first three months (ended September 30, 2010) of the financial year 2010-11.
Sims' earnings before interest, taxes, depreciation and amortization (EBITDA) of AU$51.2 million (about US$50.44 million) in Q1 FY 2010-11 were down 44 percent from the corresponding period of the previous financial year. When the same periods are compared, the company's sales revenues increased four percent to AU$1.88 billion (about US$1.85 billion). Sims posted a net profit of AU$8.2 million (about US$8.08 million) in the first three months of FY 2010-11 - down 75 percent on the corresponding period of the previous year. Scrap intake and shipments were 3.4 million mt and 2.9 million mt respectively in the period in question, showing year-on-year decreases of six percent and 14 percent respectively.