Sims earnings jump to $90.1M in qtr.
Oct 24, 2008 | 11:28 AM
| Michael Marley
Sims Metal Management Ltd.'s earnings surged to Australian $145.1 million ($90.1 million) in the fiscal first quarter ended Sept. 30, up 175 percent from the year-earlier quarter, on sales that rose 169 percent to A$3.5 billion ($2.2 billion).
The company cited soaring scrap prices for the increase.
While earnings were up sharply from the comparable year-earlier quarter, they were sagging when matched against the fiscal fourth quarter ended June 30, the company said in a statement. Unaudited net profits after taxes declined 42 percent from the prior quarter.
Sims Metal Management said it took a A$70-million ($43.4 million) inventory write-down in consideration of lower cost or market assessments made in the quarter ended Sept. 30, and noted that additional provisions could be required should scrap consumers fail to honor their purchase orders for the material.....
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