Sims Metal Management trims losses

Aug 22, 2014 | 07:08 PM | Sean Davidson

Tags  scrap, Sims Metal Managment, earnings report, Galdino Claro, Sean Davidson

NEW YORK — Sims Metal Management Ltd. narrowed its losses in its fiscal year ended June 30 on strong performances in Australia and Europe, which offset a weaker performance in North America and by its electronics recycling division.

The New York-based company posted a statutory net loss of Australian $88.9 million ($82.8 million) vs. a loss of A$467.3 million the previous year, driven by a A$146.1-million ($136.1-million) pretax impact from significant items such as fixed asset impairments, lease settlements and redundancies.

However, Sims’ posted an underlying net profit of A$68.8 million ($64.1 million), up more than fourfold from a A$15.9-million profit a year earlier, and underlying earnings before interest and taxes (Ebit) nearly doubled to A$118.5 million ($110.4 million), benefiting from cost reductions, divestment of underperforming operations and early-stage benefits from asset optimization strategies ....

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