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Sims Metal Management Reports Net Loss in H1 of FY20

Steel News - Published on Thu, 20 Feb 2020

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Sims Metal Management Ltd has published financial results for the initial half of fiscal year 2020. Group CEO & Managing Director Mr Alistair Field said, "This period has been challenging for all recycling companies globally. Management has responded to the challenging first half conditions with an extensive restructuring and cost reduction programme that will achieve its full run rate of AUD 30 million in FY21. Our investment in sophisticated material processing facilities coincides with customers requiring higher specification products, and we are well-placed to capture an increasing share of this demand.”

The sales volume totalled 4.5 million metric tons in H1 FY20. The non-ferrous sales volume remained more or less stable. However, the ferrous volumes recorded notable decline by 11%. The company’s margins got squeezed by rapid fall in ferrous scrap prices and historically low zorba prices.

Key Points

Sales revenue of AUD 2,709.6 million, a decrease of AUD 624.5 million

Statutory EBIT loss of AUD 95.2 million, down from AUD 108.9 million profit in the prior corresponding period

Underlying EBIT loss of AUD 23.2 million, down from AUD 109.6 million profit in the prior corresponding period

Source :

Posted By : Rabi Wangkhem on Thu, 20 Feb 2020
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