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Iron drives Sims growth

Sims Metal Management has posted a 51.6 per cent lift in full-year profit on the back of a vastly improved performance by its ferrous (iron) division. Net profit rose to $192.1 million for the 12 months to June 30 from $126.7 million in the previous year, the Sydney-based company announced yesterday. It sharply lifted its second-half net profit, up 190 per cent on the first half of the financial year.

Sims Metal Management has posted a 51.6 per cent lift in full-year profit on the back of a vastly improved performance by its ferrous (iron) division. Net profit rose to $192.1 million for the 12 months to June 30 from $126.7 million in the previous year, the Sydney-based company announced yesterday. It sharply lifted its second-half net profit, up 190 per cent on the first half of the financial year.

In the first half, Sims struggled with a sluggish economic recovery in North America and scarcity of scrap. Sims shares were up 47? at $15.29 yesterday. Revenue increased 18.7 per cent to $8.85 billion. Profit on an underlying basis was $182 million, up from $147 million in the previous year. The company declared a final dividend of 35? per share (43 per cent franked) with a total dividend of 47? per share.


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