Sims warns of 13-percent half-year earnings falloff

Nov 21, 2007 | 09:59 AM | Michael Marley

Sims Group Ltd. has warned that higher ocean freight costs and the weak U.S. dollar could cut its earnings for the six months ending Dec. 31 by as much as 13 percent.

Net income for the six-month period could slip to between Australian $105 million and A$115 million ($97 million to $107 million), the Sydney-based company said, compared with earnings of A$120 million in the same period last year.

Jeremy Sutcliffe, Sims' chief executive officer, predicted that metal prices will remain strong and will help offset the effect of transportation costs and currency movements, but noted that the Australian dollar has risen 15 percent against the U.S. dollar during the past 12 months.....

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