Acquisitions pump Sims Group net income in fiscal 1st quarter

Oct 27, 2006 | 05:30 PM |

Scrap giant Sims Group Ltd.'s profits more than doubled to Australian $68 million ($52 million) for the quarter ended Sept. 30 from A$30 million ($23 million) a year earlier.

The 129-percent profit jump was due in part to Sydney, Australia,-based Sims' acquisition of U.S. scrap exporter Hugo Neu Corp. in November 2005, the company said in a statement. Revenue in its fiscal first quarter rose by 116 percent to A$1.23 billion ($945 million) from A$572 million ($440 million) a year earlier.....





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