Sims turns to containers as earnings stumble
Oct 31, 2007 | 03:37 PM
| Ben Garside
High freight rates and a weak U.S. dollar led Australian scrap processor and exporter Sims Group Ltd. to report a nearly 16-percent drop in fiscal first-quarter earnings.
Sims' net income totaled Australian $57.3 million ($52.9 million) in the three months ended Sept. 30, down from A$68.1 million in the same period last year despite a 7.3-percent sales increase to A$1.32 billion ($1.22 billion) from A$1.23 billion. Sims had warned in September that its quarterly earnings would fall below A$60 million....
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