Sims Group's net for fiscal year rises 67% on 37% revenue gain

Aug 26, 2005 | 12:47 PM | Paul Schaffer

Issuing its last annual financial report as a primarily Australian company, recycler Sims Group Ltd. said net income jumped 67 percent to Australian $187.9 million ($142.8 million) in its fiscal year ended June 30 on milder gains of 37 percent in revenue to A$2.6 billion ($2 billion) and 11 percent in physical volume sold.

Jeremy Sutcliffe, Sims' chief executive officer, said ferrous scrap prices are recovering in parts of Asia but China isn't yet helping. In rough terms, he said he expects the current quarter's net income to fall more than 47 percent to around A$30 million ($22.8 million) from A$57.1 million a year earlier.....

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