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SGM $14.15

News: Sims lifts H1 profit on US-Euro scrap metals

  1. Sims Metal Management Limited (ASX:SGM) has pushed its first half net profit to $75 million on strong earnings from its US and European metals and recycling business.
    The metals recycling company says revenue for the six months to the end of December dipped by 5.7 per cent to $3.4 billion.
    CEO Galdino Claro says external conditions are challenging, but they’re offset by disciplined attention to internal processes and earnings drivers.
    Mr Claro says falling iron ore prices have impacted ferrous scrap prices and that this will impact demand but says strategic initiatives for the second half will assist with any headwinds.
    An interim dividend of 16 cents per share, fully franked, has been declared.

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